July 30, 2009 / 2:26 PM / 10 years ago

CANADA STOCKS-TSX gets early boost from energy shares

 * TSX up 183.45 points at 10,638.78
 * Higher commodity prices drive early gain
 * All 10 index sectors in higher territory  (Adds details and comments)
 By Frank Pingue
 TORONTO, July 30 (Reuters) - Toronto’s main stock index rose more than 1.7 percent on Thursday morning as a rally in prices for key Canadian commodities oil and gold helped to support the resource-heavy index.
 Fresh signs that the global economic slump is waning helped boost the prices of many of the commodities that Canada exports since demand would pick up with an economic upswing, and that rise was reflected on the stock market.
 Shares of oil company EnCana Corp (ECA.TO) rose 1.85 percent to C$56.79, while Suncor Energy (SU.TO) was up 3.4 percent at C$34.44. As a whole, the TSX index’s energy sector was up 2 percent.
 “Obviously, commodities are leading the way, they got smashed in recent trading days so now they are having a bit of a rebound,” said Sal Masionis, stockbroker at Brant Securities. “And while there are still an awful lot of problems out there the market had a pullback so people are coming in and doing a little bit of of buying.”
 Data overnight showed euro zone economic sentiment improved in July, the fourth improvement from a trough in March, which helped signal that the economy there is bottoming out. [ID:nLT1519]
 At 10:10 a.m. (1410 GMT), the Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE was up 183.45 points, or 1.75 percent, at 10,638.78.
 Driving its mining-heavy materials sector were shares of Barrick Gold Corp (ABX.TO), up 3.2 percent at C$36.93, while gold miner Agnico-Eagle (AEM.TO) rallied 4 percent to C$59.34.
 All 10 TSX sectors were higher, led by a 2.6 percent advance in the materials group.
 ($1=$1.08 Canadian)   (Editing by Peter Galloway)                                      

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