May 28, 2010 / 2:51 PM / 7 years ago

CANADA STOCKS-TSX gains as oil price climbs

 * TSX up 21.71 points at 11,770.29
 * Energy shares lead index higher
 * Five of index’s 10 main groups higher  (Adds details, quote)
 By Jennifer Kwan
 TORONTO, May 28 (Reuters) - Toronto’s main stock index was slightly higher on Friday morning, supported by strength in energy shares as oil prices rose, but trading was expected to be volatile throughout the day ahead of a long weekend in major markets.
 Heavyweight names on the upside included Suncor Energy (SU.TO), up 0.6 percent at C$32.56, and Canadian Natural Resources (CNQ.TO) up 1.3 percent at C$36.95.
 Mining shares were weaker. Barrick Gold (ABX.TO) was down 0.5 percent at C$44.39, and First Quantum Minerals (FM.TO) ropped 1.5 percent to C$56.43.
 Some banks were also lower after reporting results this week that missed high market expectations, with Royal Bank of Canada (RY.TO) down 1 percent at C$56.24. [ID:nN27201801] [CA-RCH]
 “I think it’s a continuation on the theme of general volatility,” said Greg Eckel, senior vice president at Morgan Meighen & Associates. “But also we’ve got the extra wrinkle here with the U.S. heading into the long weekend. North of the border, we’re not going to have great conviction which way the market should go.”
 Market observers have also said investors may be squaring positions as the month-end nears.
 Monday is the Memorial Day holiday in the United States.
 At 10:24 a.m., (1424 GMT), the Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE was up 21.71 points, or 0.18 percent, at 11,770.29, with five of its 10 main groups higher. The index briefly stepped into the red shortly after the market open.
 World equities rose for the third day running on Friday and the euro extended gains against the dollar as investors refrained from betting on further trouble from the euro zone’s debt crisis. [MKTS/GLOB]
 The TSX index’s gains on Friday morning followed a 1.8 percent surge on Thursday.
 National Bank of Canada (NA.TO) rose 1.6 percent to C$59 after it said on Thursday its quarterly profit rose. [ID:nN26214056]
 Shares of Canadian drugmaker Theratechnologies (TH.TO) jumped 72 percent to C$5.00 after a U.S. advisory panel recommended unanimously that the company’s experimental drug to reduce abdominal fat in HIV patients be approved. [ID:nN28191963]
 ($1=$1.05 Canadian)  (Reporting by Jennifer Kwan; editing by Peter Galloway)                                       

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