August 19, 2009 / 8:50 PM / in 8 years

CANADA STOCKS-TSX rides oil price to higher close

 * TSX up 12.99 points, or 0.12 percent, at 10,686.83
 * Energy sector up 0.3 percent as oil price up 4 percent
 * Investors bid up banks ahead of results next week
 (Updates with official closing numbers, details, quotes)
 By Jennifer Kwan
 TORONTO, Aug 19 (Reuters) - Toronto's main stock index
ended slightly higher on Wednesday, helped by firmness in
energy shares as oil prices jumped after a U.S. inventory
report fueled hope that oil demand could be recovering.
 Oil company Canadian Natural Resources CNQ.TO climbed 0.3
percent to C$63.64, and EnCana ECA.TO was up 0.6 percent at
 The index fought back from a 1.5 percent slide earlier in
the session, when market sentiment was undermined by a big
selloff on Chinese stock markets that shook investor confidence
about the strength of global economic recovery.
 The choppiness of trade highlighted anxiety in the market,
said Kate Warne, Canadian market strategist at Edward Jones in
St. Louis, Missouri.
 "There's still concerns about whether economic growth
globally is going to resume at a fast enough pace to support
the higher stock prices we've already seen," Warne said.
 "Offsetting that is the fact that we're seeing higher oil
prices and U.S. markets have rebounded a bit."
 Data showed crude stocks in the United States fell last
week, confounding analyst expectations for a rise and pushing
oil up more than 4 percent on Wednesday to settle above $72 a
barrel. [ID:nSIN507010] That helped lift the index's energy
group by 0.3 percent.
 The index's financial sector was up 0.5 percent ahead of
quarterly results from Canada's big banks due next week. Royal
Bank of Canada RY.TO was up 0.9 percent at C$50.58, and
Toronto-Dominion Bank TD.TO rose 1.7 percent at C$63.58.
 The S&P/TSX composite index .GSPTSE was up 12.99 points,
or 0.12 percent, at 10,686.83, with six of the index's 10 main
groups higher.
 ($1=$1.10 Canadian)
 (Reporting by Jennifer Kwan; editing by Peter Galloway)

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