April 13, 2011 / 2:51 PM / 8 years ago

CANADA STOCKS-TSX rises as energy shares recover some ground

   * TSX rises 0.38 percent to 13,854.82
 * Seven sectors rise, led by energy
 * Gildan Activewear hits highest in almost 3 years  (Adds details)
 TORONTO, April 13 (Reuters) - Toronto’s main stock index rose moderately on Wednesday morning in a broad rally led by energy issues, which reversed some of the losses of the last two sessions as oil prices tipped higher.
 The rebound by crude followed a two-day selloff driven by concerns that soaring prices had begun to depress demand, and after Goldman Sachs said that a rally, which took Brent to a 2-1/2 year high above $127 on Monday, looked overdone. [O/R]
 The energy group advanced 0.9 percent, with Encana (ECA.TO) up about 1 percent at C$31.91, and Nexen NXY.TO gained 1.24 percent to C$22.90. Suncor Energy (SU.TO) was up 0.98 percent to C$42.46.
 The materials group, up 0.4 percent, also recovered some ground, with Barrick (ABX.TO) up 1.2 percent at C$50.94 and Potash Corp POT.TO ahead 0.8 percent at C$54.44.
 At 10:20 (1420 GMT), the Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE was up 52.72 points, or 0.38 percent, at 13,854.82. Seven of the index’s 10 main sectors were higher.
 “Today, bargain-hunters are trying to nibble in the markets, but (without) conviction just yet,” said Francis Campeau, a broker at MF Global Canada, in Montreal.
 Better than expected results from U.S. bank JPMorgan Chase also helped build investor confidence. [ID:nN12166985]
 Gildan Activewear (GIL.TO) was a fast advancer after Scotia Capital was the latest brokerage to raise the price target on the T-shirt maker. The company built on gains made after announcing earlier this week that it would buy U.S.-based sock maker Gold Toe Moretz Holdings. Its shares rose more than 1 percent to as high as C$33.40, its highest level since May 2008.
 ($1=$0.96 Canadian)  (Reporting by Ka Yan Ng; editing by Rob Wilson)                                        

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