September 10, 2010 / 3:17 PM / 8 years ago

CANADA STOCKS-TSX firms as oil prices rise on Enbridge spill

*TSX up 21.49 points at 12,055.02

*Eight of 10 sectors higher (Adds details, commentary)

TORONTO, Sept 10 (Reuters) - Toronto’s main stock index pushed slightly higher on Friday morning as energy shares rose with oil prices after Enbridge Inc reported another U.S. pipeline rupture and as the market digested murky signals emanating from Canada’s August jobs report.

U.S. crude jumped $1 to top $75 after a leak on Thursday forced Enbridge (ENB.TO) to shut down the biggest pipeline supplying Canadian oil to refineries in the U.S. Midwest and to a key storage hub in Oklahoma. [O/R]

Enbridge was down 0.9 percent at C$52.40, while the index’s energy sector gained 0.1 percent.

Suncor Energy (SU.TO), the country’s biggest oil company, was up 0.8 percent at C$34.03, even though Alberta announced on Thursday it has laid nine charges against the company for waste-water violations. [ID:nN09211980]

On the data front, Canada’s economy added 35,800 jobs in August, more than expected. But the unemployment rate rose slightly and the pace of job creation was slower than in the first half of the year. [ID:nN10243874]

BCE Inc (BCE.TO), Canada’s biggest communications company, dropped 0.6 percent to C$32.65, after announcing it will to pay C$1.3 billion for the 85 percent of broadcaster CTV it does not already own. [ID:nN10251109]

The index’s materials group rose 0.4 percent despite a decline in gold and copper prices. Barrick Gold Corp (ABX.TO) gained 0.9 percent at C$46.05, while Teck Resources TCKb.TO gained 1.3 percent at C$39.26. [MET/L] [GOL/]

At 10:35 a.m. (1435 GMT), the Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE was up 21.49 points, or 0.18 percent, at 12,055.02. Eight of its 10 sectors were higher, including heavily weighed financials, up 0.1 percent.

“I don’t think anyone should be surprised once the TSX crossed 12,000 that it’s going to have trouble going higher here,” said Barry Schwartz, vice president and portfolio manager at Baskin Financial Services. “Valuations in our opinion look about fair heading into the rest of the year.”

Lululemon Athletica LLL.TO (LULU.O), the specialty clothing retailer, jumped 11.3 percent to C$41.27, after posting a more than two-fold jump in second-quarter profit as its newest stores sold more yoga and athletic wear. The company also raised its full-year outlook. [ID:nSGE68907P]

Potash Corp POT.TO fell 0.3 percent to C$154.21 after the the Canadian government said on Thursday it was aware of concerns that have been raised about a possible takeover of the world’s biggest fertilizer producer.[ID:nLA9KE61P]

Research In Motion RIM.TO was off 2.5 percent at C$45.40, following after an analyst downgraded the share-price target for the BlackBerry maker. [ID:nWNAB4856]

Alimentation Couche Tard (ATDb.TO) was down 0.2 percent at C$23 after announcing its purchase of 12 stores in Indiana. [ID:nWNAB4893]

$1=$1.03 Canadian Reporting by Claire Sibonney; editing by Peter Galloway

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below