December 15, 2009 / 4:11 PM / 9 years ago

CANADA STOCKS-TSX rises as oil gains help energy sector

 * TSX up 0.25 percent at 11,574.23
 * Oil rises above $70 a barrel, after nine days of declines
 * Financial stocks down after U.S. data   (Adds details, comments)
 By Irene Kuan
 TORONTO, Dec 15 (Reuters) - Toronto’s main stock index edged higher on Tuesday, reversing earlier losses, as a gain in oil prices after a long losing streak lifted shares in the energy sector including EnCana Corp (ECA.TO).
 Shares of EnCana were up 1.05 percent at C$31.88, while Cenovus Energy (CVE.N) rose 2.81 percent to C$27.09.
 Oil rose above $70 a barrel on Tuesday after falling for nine straight days, the longest continuous decline in eight years, as traders said cold weather was supporting prices. [O/R]
At 10:40 a.m. (1540 GMT), the S&P/TSX composite index .GSPTSE was up 28.54 points, or 0.25 percent, at 11,574.23.
 The rebound in oil help reverse an earlier drop in the index, which followed a report showing U.S. producer prices rose more than expected, igniting fears of inflationary pressures. [ID:nN15217719]
 “On the more worrisome side, some of the inflation numbers were higher than expected, the PPI (producer price index) numbers specifically, so we’re getting mixed reports throughout,” said Steve Ibel, institutional equities trader at Beacon Securities, in Halifax.
 Financial shares, which opened weaker following the data, remained down on the day. Royal Bank of Canada (RY.TO) fell 0.66 percent to C$55.33. Toronto Dominion Bank (TD.TO) was the biggest lag on the index, down 1.22 percent at C$65.62.  (Reporting by Irene Kuan; Editing by Jeffrey Hodgson)   

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