December 15, 2009 / 5:21 PM / 9 years ago

CORRECTED - TSX rises as oil gains help energy sector

 (Corrects second paragraph to show Cenovus rose 2.3 percent, correcting percentage gain)
 * TSX up 0.18 percent at 11,566.83
 * Oil rises above $70 a barrel after nine days of declines
 * Financial stocks down after U.S. data
 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 EnCana Corp (ECA.TO) and other shares in the energy sector.
 Shares of EnCana were up 2.09 percent at C$32.21, while Suncor Energy (SU.TO) rose 0.78 percent to C$37.38. Cenovus Energy (CVE.N) was up 2.3 percent at C$27.03.
 Oil rose above $70 a barrel on Tuesday, with cold weather supporting prices, after falling for nine straight days, the longest continuous decline in eight years. [O/R]
 “Oil up, price of gas up, XTO got taken over yesterday. It’s been a laggard in my view for a while, so I think that’s the reason why there’s a bit of a catch-up there,” Ian Nakamoto, director of research at MacDougall, MacDougall & MacTier, said of energy shares.
 Shares of gold-mining stocks also pared some losses as bullion prices rebounded after U.S. inflation data for November came in higher than expected, boosting interest in the metal as a hedge against rising prices. Earlier, the price of gold had fallen more than 1 percent. [GOL/]
 Gold miners were still down about 1 percent at midday, with heavyweight Barrick Gold (ABX.TO) falling 30 Canadian cents to C$41.92.
 At 11:50 a.m. (1650 GMT), the S&P/TSX composite index .GSPTSE was up 21.14 points, or 0.18 percent, at 11,566.83.
 The index had opened lower following 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 lower. Royal Bank of Canada (RY.TO) fell 1.11 percent to C$55.08. Toronto-Dominion Bank (TD.TO) was down 1.45 percent at C$65.47.  ($1=$1.06 Canadian)  (Reporting by Irene Kuan; Editing by Jeffrey Hodgson)   

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