April 30, 2009 / 2:21 PM / in 9 years

CANADA STOCKS-TSX rallies on improved sentiment, oil prices

* TSX up 113.56 points at 9,529.87

* Higher oil prices boost energy shares

* Overseas stock market gains improve sentiment (Adds details and comments)

By Frank Pingue

TORONTO, April 30 (Reuters) - Toronto’s main stock index was up more than 1 percent on Thursday morning as higher oil prices helped to boost energy shares while stock market gains and some upbeat earnings overseas improved sentiment.

Energy stocks rallied 1.5 percent as oil prices rose towards $52 a barrel on economic optimism. [ID:nSP378435]. Shares of oil company EnCana Corp (ECA.TO) rose 2 percent to C$56.72, while Talisman Energy TLM.TO rallied 2 percent to C$15.67.

“We had a positive market overseas last night and that sort of spilled into the opening here,” said Bruce Latimer, trader at Dundee Securities.

“There’s a lot of people that think that we have a bit of a buying opportunity in here ... we’re not going back to 14,000 but they still think there might be some room on the upside.”

The TSX is now up 27 percent from the five-year low it tumbled to in March. It was last above 14,000 last July.

At 9:55 a.m. (1400 GMT), the S&P/TSX composite index .GSPTSE was up 113.56 points, or 1.21 percent, at 9,529.87.

Nine of the TSX’s 10 sectors were higher.

The mining-heavy materials group fell 0.33 percent and was the lone sector in lower territory after Agnico-Eagle Mines (AEM.TO) trimmed its full-year production guidance after the stock market closed on Wednesday. [ID:nN29443219]

Shares of Agnico-Eagle were down 6.7 percent at C$51.72.

$1=$1.19 Canadian Reporting by Frank Pingue; editing by Peter Galloway

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below