November 4, 2008 / 3:42 PM / 10 years ago

CANADA STOCKS-Rising oil prices aid broad rally

* Energy issues gain as oil rises above $66

* Talisman Energy up 7.2 pct as profit quadruples

TORONTO, Nov 4 (Reuters) - The Toronto Stock Exchange’s main index .GSPTSE hit a two-week high in early dealings on Tuesday as commodity-related issues advanced as oil prices firmed on supply cuts.

All 10 of the index’s main groups advanced, with the oil and gas sector and the materials group leading the way, up 5.9 percent and 8.3 percent respectively.

Oil climbed towards $67 after industry sources said Saudi Arabia had already made substantial cuts in supplies. [ID:nSP182808]

Talisman Energy TLM.TO rose 7.2 percent to C$12.50 as Canada’s No. 4 independent oil explorer reported that its quarterly profit had quadrupled, the latest in a string of strong earnings from Canadian oil and gas companies. [ID:nN03372777]

“I think there’s an opportunity to see a rally for the next little while, with less volatility,” said Paul Harris, portfolio manager at Avenue Investment Management.

Shortly after 10:35 a.m. (1535 GMT), the S&P/TSX composite index .GSPTSE was up 370.55 points, or 3 percent, at 10,091.81.

The index closed lower in the past two days but the losses were not as substantial as they were in October, when the index dove nearly 17 percent. ($1=$1.17 Canadian) (Reporting by Ka Yan Ng; Editing by Peter Galloway)

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