UPDATE 1-Toronto stocks pulled higher by record oil

Mon Jun 30, 2008 10:43am EDT
 
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(Updates to midmorning)

*TSX stronger as energy shares lifted by record oil

*BCE slips after report says buyout could be delayed

*Volume light ahead of Tuesday's market holiday

TORONTO, June 30 (Reuters) - The Toronto Stock Exchange's main index climbed on Monday morning as a record high oil price pulled up energy shares, and other resource shares also strengthened.

The energy sector led the way up, gaining 1.6 percent as crude oil rose to a new high above $143 a barrel amid fears of conflict between Iran and Israel over Iran's nuclear program.

On the downside, shares of BCE Inc (BCE.TO: Quote) gave up C$1.20, or 3.3 percent, to C$35.56 after a newspaper report that said its buyout could be delayed until the end of the year. BCE has said it aims to close the deal in the third quarter.

"Obviously the market is reacting to concern that the deal just won't get done, but presumably that will yo-yo on a daily basis with press reports on the progress there," said Paul Taylor, chief investment officer at BMO Harris Investment Management Inc.

The S&P/TSX composite index .GSPTSE was up 64.33 points, or 0.45 percent, at 14,419.54 with half of its 10 main sectors pushing higher.   Continued...