September 22, 2009 / 8:34 PM / 9 years ago

CANADA STOCKS-TSX rides energy surge to higher close

 * TSX rises 161.12 points to 11,585.73
 * Ends just shy of last week’s 11-month high
 * Energy shares, up 1.93 pct, power rally  (Adds details, comments and official numbers)
 By Frank Pingue
 TORONTO, Sept 22 (Reuters) - Toronto’s main stock index closed more than 1 percent higher on Tuesday as a rally in oil prices lit a fire under energy shares and left the index just shy of its highest level in nearly a year.
 The energy sector’s gain was powered by Canadian Natural Resources (CNQ.TO), which rose 3.7 percent to C$76.64, followed by shares of Suncor Energy (SU.TO), up 2 percent at C$39.40.
 “It’s really sort of the commodity story combined a little with the fact that markets worldwide are better,” said Levente Mady, market strategist at Union Securities in Vancouver.
 “And while you can certainly say things are overbought at this point, until you see kind of a change in character in the market it’s difficult to fight city hall.”
 The S&P/TSX composite index .GSPTSE ended up 161.12 points, or 1.41 percent, at 11,585.73. That was just 28 points shy of topping the 11-month high it reached last week.
 ($1=$1.07 Canadian)  (Editing by Rob Wilson)                                      

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