August 19, 2009 / 4:48 PM / 10 years ago

CANADA STOCKS-TSX pushes higher as oil price climbs

 * TSX up 24.57 points, or 0.23 percent, at 10,698.41
 * Energy sector up 0.83 percent as oil climbs above $71  (Adds details, quotes)
 TORONTO, Aug 19 (Reuters) - Toronto’s main stock index was higher at midday on Wednesday as energy issues led a market rebound after a U.S. oil inventory report signaled crude demand could be recovering.
 That news outweighed doubts about the global economic recovery, prompted a selloff on Chinese markets that spilled over into other regions, pushing the resource-heavy Toronto index down more than 1 percent early in the session.
 Energy shares rose 0.83 percent as oil prices climbed to above $71 a barrel, while the materials group gained 0.64 percent. Both sectors led earlier weakness.
 “Oil inventories tumbled quite a bit and that’s brought up Canada,” said Steve Ibel, institutional equities trader at Beacon Securities in Halifax, Nova Scotia.
 Data showed crude stocks in the United States fell last week, confounding analyst expectations for a rise. [ID:nSIN507010]
 At 12:21 a.m. (1621 GMT), the S&P/TSX composite index .GSPTSE was up 24.57 points, or 0.23 percent, at 10,698.41. Four of the index’s 10 main groups were higher.
 Influential movers included energy giant Suncor (SU.TO) up 1 percent at C$35.28 and Canadian Natural Resources (CNQ.TO), which climbed 1.2 percent to C$64.21.
 Goldcorp (G.TO) rose 1.2 percent to C$38.60.
 Firmness in the financial sector, up 0.6 percent, also helped lift the TSX, with Royal Bank of Canada (RY.TO) up 1.7 at C$50.94.
 ($1=$1.10 Canadian)  (Reporting by Jennifer Kwan; editing by Rob Wilson)                                      

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