April 29, 2009 / 2:17 PM / 10 years ago

CANADA STOCKS-TSX rises on earnings, higher oil

* TSX up 54.26 points at 9,402.29

* Higher oil prices help boost energy shares

* Swine flu concerns ease (Adds details and comments)

By Frank Pingue

TORONTO, April 29 (Reuters) - Toronto’s main stock index was higher on Wednesday morning as forecast-beating earnings from European companies sparked renewed interest in equities after two straight falling sessions.

Also, jitters over swine flu eased a little as investors took a step back to await further developments to be able to gauge the seriousness of the outbreak.

That helped push the price of oil, a key Canadian export, back above $50 a barrel and spark a rally in the TSX index’s energy sector, allowing the index to reclaim some of the ground lost over the past two sessions.

Shares of oil company EnCana Corp (ECA.TO) rose 1.3 percent to C$55.17, while Suncor Energy (SU.TO) rallied 1.5 percent to C$30.52.

“Overnight there’s been some improvement in risk appetite despite the swine flu and despite concerns about bank stress tests,” said Fergal Smith, managing market strategist at Action Economics.

Citigroup Inc (C.N) may have to raise more capital after preliminary results of a stress test given by U.S. regulators, while Bank of America Corp (BAC.N) may need billions more, the Wall Street Journal reported. [ID:nBNG438915]

World stocks rose overnight, helped in part by German industrial conglomerate Siemens, whose shares jumped after it reported strong first-quarter results. [ID:nLT825382]

At 10:00 a.m. (1400 GMT), the S&P/TSX composite index .GSPTSE was up 54.26 points, or 0.58 percent, at 9,402.29. Nine of the TSX’s 10 sectors were higher, led by a 1.4 percent rise in the energy group.

$1=$1.20 Canadian Editing by Peter Galloway

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