June 26, 2009 / 2:56 PM / 10 years ago

CANADA STOCKS-TSX rises with bank shares, but oils fall

* TSX rises 0.6 percent to 10,418.44

* Financials climb 1.9 percent

* Energy sector falls 0.5 percent as oil dips below $70 (Adds details, quote)

By Jennifer Kwan

TORONTO, June 26 (Reuters) - Toronto’s main stock index rose on Friday morning after wavering at the start of the session as strength in financial shares overcame weakness in energy issues due to sagging oil prices.

The index’s financial sector climbed 1.9 percent, boosted by Royal Bank of Canada (RY.TO), up 2.5 percent at C$47.65, and Toronto-Dominion Bank (TD.TO), which also climbed 2.5 percent to C$60.13.

Tugging at the market was weakness in energy sector, which sank 0.5 percent as the price of oil dropped below $70 a barrel. That weighed on Suncor Energy Inc (SU.TO), which dropped 0.2 percent to C$35.10, and Canadian Natural Resources (CNQ.TO), down 0.8 percent at C$59.82.

No matter the direction on Friday, the week already has been like a “roller-coaster,” said Ian Nakamoto, director of research at MacDougall, MacDougall & MacTier.

“I think it says a lot about investor sentiment. They feel the worst is behind us because when there’s a big dip they’re willing to come in, but they’re still not convinced that we’re in the signs of recovery.”

“It looks somewhat like we’re in a trading range, but that trading range could be quite large,” he added.

At 10:37 a.m. (1437 GMT), the S&P/TSX composite index .GSPTSE was up 62.59 points, or 0.6 percent, at 10,418.44, with seven of its 10 main groups higher.

Potash Corp of Saskatchewan POT.TO fell 2.1 percent to C$105.74 after the company cut its second-quarter earnings forecast late on Thursday. [ID:nN26263358] The TSX index’s materials sector, of which Potash is a member, was down 0.11 percent.

$1=$1.15 Canadian Reporting by Jennifer Kwan; editing by Peter Galloway

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