June 10, 2009 / 4:03 PM / 10 years ago

CANADA STOCKS-TSX rises as energy shares offer boost

* TSX up 45.54 points at 10,593.40

* Energy shares keep index in positive territory

* Bank shares limit overall gain (Recasts)

By Frank Pingue

TORONTO, June 10 (Reuters) - Toronto’s main stock index was firmer just before midday on Wednesday as energy shares rose on higher oil prices, but the index’s gains were limited by weak financial shares.

The energy sector was up 1 percent, with Suncor Energy (SU.TO) (SU.TO) up 1.9 percent at C$39.40, and EnCana Corp (ECA.TO) rising 0.9 percent to C$61.28.

“It’s just unbelievable the action in the energy sector,” said Sal Masionis, stockbroker at Brant Securities. “A few months ago there was no way you’d expect (oil prices) to be where they are now.”

Oil prices topped $71 a barrel on Wednesday for the first time in seven months, a move driven by signs that demand for crude could be recovering. [ID:nSP430902]

At 11:45 a.m. (1545 GMT), the S&P/TSX composite index .GSPTSE was up 45.54 points, or 0.43 percent, at 10,593.40. Earlier it rallied as much as 126 points and then slipped into lower territory, down 0.20 of a point, before rebounding.

Financial shares, which account for about 33 percent of the TSX index, kept its rise in check due to concerns that surging oil prices could hurt economic recovery,

Shares of Toronto-Dominion Bank (TD.TO) were down 0.5 percent at C$57.21, while Bank of Montreal (BMO.TO) shares were off 0.8 percent at C$44.70.

$1=$1.11 Canadian Reporting by Frank Pingue; editing by Peter Galloway

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