June 29, 2009 / 2:21 PM / 10 years ago

CANADA STOCKS-TSX rises at open as oil price climbs

* TSX up 0.53 percent at 10,444.65

* Energy sector climbs 1.2 percent as oil rises

* Choppy week expected due to market holidays

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By Jennifer Kwan

TORONTO, June 29 (Reuters) - Toronto’s main stock index shot higher on Monday morning as rising oil prices boosted the index’s big energy sector.

A mix of energy and financial names led the Toronto index higher, including Suncor Energy (SU.TO), up 2.5 percent at C$35.76, and Bank of Nova Scotia (BNS.TO), which climbed 1.7 percent to C$43.74.

The broader energy sector was up 1.2 percent as the price of oil CLc1, a key Canadian export, rose toward $70 a barrel after Nigeria’s main militant group said it attacked a Royal Dutch Shell (RDSa.L) oil platform.

The news outweighed a bearish forecast on oil demand from the International Energy Agency. [ID:nSYD480539]

Financials rose 1 percent, in part, on follow through optimism about economic recovery on upbeat euro zone data that showed sentiment improved more than expected in June. [ID:nLT185898]

More broadly, however, the week could be choppy due to market holidays, said Patricia Croft, chief economist RBC Global Asset Management.

“There are a lot of cross-currents this week and volumes are going to be a question given that we have these holidays coming,” she said.

At 9:58 a.m. (1358 GMT), the S&P/TSX composite index .GSPTSE was up 54.89 points, or 0.53 percent, at 10,444.65, with 6 of its 10 main groups higher.

Markets in Canada will be closed on Wednesday for the Canada Day holiday, while U.S. markets will be closed on Friday for the Independence Day holiday weekend.

Materials, home to miners and fertilizer companies, rose 0.5 percent with Potash Corp of Saskatchewan POT.TO up 2.8 pecent at C$110.62. ($1=$1.16 Canadian) (Reporting by Jennifer Kwan)

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