April 1, 2009 / 2:47 PM / 10 years ago

CANADA STOCKS-TSX up on rebound in energy issues; gold rise

* TSX up 1.05 percent at 8,811.85

* Stronger gold price boosts miners

* Market focuses on G20 meeting in London

(Adds details, quotes)

By Jennifer Kwan

TORONTO, April 1 (Reuters) - Toronto’s main stock index rose on Wednesday after a choppy start, as strength in materials issues on higher bullion prices overcame earlier pressure from weak oil prices and grim U.S. private-sector jobs data.

Investors were also firmly focused on the Group of 20 meeting to tackle the global economic crisis.

At 10:15 a.m. (1415 GMT), the S&P/TSX composite index .GSPTSE was up 91.46 points, or 1.05 percent, at 8,811.85, with seven of its 10 main groups higher.

The market dropped more than 1 percent at the outset of trading, hurt by data showed job losses in the U.S. private sector accelerated in March. [ID:nN01466951]

But the market quickly rallied, supported by a rebound in energy, up 1.3 percent, and financials issues, up 2.2 percent, and as materials issues rose 1 percent on strength in bullion prices.

Heavily-weighted stocks helping the market higher included Barrick Gold (ABX.TO), up 2.6 percent at C$41.87, and Goldcorp (G.TO), which climbed 0.6 percent to C$42.69.

Oil and gas stocks rose even as oil slid below $48 a barrel on demand concerns. [ID:nSP451675] EnCana (ECA.TO) rose 2 percent to C$52.73.

Also helping the market higher was Research in Motion RIM.TO, up 4.3 percent at C$56.85.

Going forward, the market will focus on any announcements from the G20 meeting, said Bob Gorman, chief portfolio strategist at TD Waterhouse, noting the two “flashpoints” will be financial regulation and the amount of fiscal stimulus.

“The central point I think is that investors are going to be looking at the extent to which governments come out of this singing from the same hymn book,” he said.

“Markets will either draw comfort from the fact there is a more concerted approach or will have less confidence if it seems that you have groups going in different directions. That’s what it’s going to boil down to.”

Stocks on the downside included Fairfax Financial (FFH.TO), down 2.6 percent at C$317.38. ($1=$1.27 Canadian) (Reporting by Jennifer Kwan; Editing by Jeffrey Hodgson)

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