April 21, 2008 / 1:57 PM / in 10 years

TSX energized by record oil price

TORONTO (Reuters) - Toronto’s main stock market index rose on Monday amid record oil prices, while investors shrugged off an expected rate cut on Tuesday and looked to a slew of corporate results later in the week.

<p>A Toronto Stock Exchange (TSX) logo is seen in Toronto November 9, 2007. REUTERS/Mark Blinch</p>

The Toronto Stock Exchange’s resource-laden S&P/TSX composite index .GSPTSE was up 33.95 points, or 0.2 percent, at 14,271.01. This follows a rise of 121 points on Friday.

“The market has a bit better tone after Friday’s huge rally and the psychology has basically changed,” said Sal Masionis, a stockbroker at Brant Securities.

Six of the TSX index’s 10 main groups were higher, led by a 0.9 percent boost in the influential energy group and a 0.4 percent hike in the materials group. Utilities shares were up 0.7 percent.

Oil stocks rose after the price for U.S. crude oil briefly climbed above a record $117 a barrel, before retreating a tad to trade at around $116.68 on worries of supply disruptions from major producers and comments from OPEC that there was no need to raise output.

Suncor Energy (SU.TO) rose $1.44 to a 52-week high of $118.08 and EnCana Corp (ECA.TO) rose 70 cents to a 52-week high $87.40.

In the materials group, Potash Corp (POT.TO) rose $3.03 to C$208.73.

The three companies are due to report results this week.

Utilities shares were boosted by power producer TransAlta (TA.TO), which rose 87 cents to $33.92 after reporting a first-quarter profit that topped expectations.

Consumer stocks and technology issues were among the groups in negative territory.

Loblaw Cos (L.TO) dropped 91 cents to $30.82 after the grocer unveiled a string of management changes including a new president.

Investors largely discounted an impending interest rate cut on Tuesday. Most analysts expect the Bank of Canada to slash interest rates by 50 basis points to three percent.

Reporting by Scott Anderson; Editing by Bernadette Baum

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