December 14, 2009 / 3:57 PM / 9 years ago

CANADA STOCKS-TSX rises as oils rally on Exxon deal

 * TSX up 0.6 percent at 11,492.84
 * Energy shares gain after Exxon to buy XTO
 * Abu Dhabi support for Dubai boosts sentiment  (Adds details, comments)
 By Irene Kuan
 TORONTO, Dec 14 (Reuters) - Toronto’s main stock index rose on Monday, led by energy shares after Exxon Mobil Corp’s (XOM.N) $30 billion bid to take over XTO Energy Inc XTO.N spurred hopes about more dealmaking in the sector.
 Shares of EnCana Corp (ECA.TO), up 5.26 percent at C$31.60, and Suncor Energy Inc (SU.TO), up 1.32 percent at C$36.77, played the biggest role in leading the index higher.
 The deal added impetus to recent economic data that has spurred optimism in the market.
 “I get the general sense people have sort of bought into the fact that economic conditions have more than stabilized and we’re slowly moving up,” said Ian Nakamoto, director of research at MacDougall, MacDougall & MacTier.
 Markets were also buoyed by news that Abu Dhabi threw its debt-laden neighbor Dubai a surprise $10 billion lifeline on Monday to head off a bond default. [ID:nLDE5BD0FV]
 At 10:30 a.m. (1530 GMT), the S&P/TSX composite index .GSPTSE was up 68.91 points, or 0.6 percent, at 11,492.84.
 ($1=$1.06 Canadian)  (Reporting by Irene Kuan; Editing by Peter Galloway)                                       

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