TSX higher as energy shares win with oil rebound

(Reuters) – Canada's most important share index rose on Monday, as a slight recovery in oil prices boosted the energy sector.

A man walks for buildings in the financial district in Toronto, January 28, 2013. REUTERS / Mark Blinch

At 09:52 a.m. ET (1452 GMT) the S & P / TSX Composite index of the Toronto Stock Exchange rose by 90.06 points, or 0.6 percent, by 15,100.79.

The energy sector rose by 1.3 percent, while oil prices increased more than $ 60 per barrel and recovered from the decline of nearly 7 percent from the previous session.

American crude oil and raw Brent prices rose 2.4 percent each.

Ten of the 11 most important sectors of the index were higher.

Raising sentiment was a profit of 1.2 percent in the technology sector. A rise of 3.5 percent in Shopify Inc led the advertisers.

The materials sector, including miners and mineral mines and base metals, added 0.2 percent after gold prices rose on the weakening of the dollar, with uncertainties about the outcome of an upcoming meeting of the G20. [GOL/]

The financial sector won 0.5 percent.

Analysts argued that the competition for deposits at the largest banks in Canada is warming up for the first time since the global financial crisis, leading to higher financing costs that could curb earnings growth in their domestic operations in the next two years.

On the TSX 173 emissions were higher, while 56 emissions decreased for a 3.09-on-1 ratio in favor of the gold winners, with 7.16 million traded shares.

Top percentage winners on the TSX were shares of New Gold Inc, which jumped 4.1 percent, followed by a 3.7 percent profit increase in Tamarack Valley Energy Inc.

Altagas Ltd fell 2.3 percent, the most on the TSX, followed by shares of Enghouse Systems Inc, which fell 2.1 percent.

The most traded stocks by volume were Bombardier and Aurora Cannabis.

The TSX placed two new highlights of 52 weeks and a new layer.

On all Canadian issues, there were three new highlights of 52 weeks and 21 new lows, with a total volume of 11.39 million shares.

Reporting by Shreyashi Sanyal in Bangalore; Edit by Arun Koyyur

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