CANADA STOCKS-TSX slightly higher as energy, telecom stocks rise

Fri Sep 13, 2013 11:10am EDT

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* TSX rises 24.72 points, or 0.19 percent, to 12,725.77
    * Nine of 10 main index sectors move higher
    * Energy stocks lead despite oil price slip

    TORONTO, Sept 13 (Reuters) - Canada's main stock index made
gains on Friday, helped by resource stocks that rose despite
slips in the price of their underlying commodities and by
telecom shares that recovered from a broad fall a day earlier.
    Oil declined as fears of escalating conflict in the Syria
eased, gold was heading for its weakest week since June, while
copper was steady after recent losses.   
    However, Suncor Energy provided the single biggest boost to
the index by midmorning, up 0.6 percent at C$37.44. Cenovus
Energy was also among the leaders, with a gain of 0.5 percent to
C$30.57.
    "We've have a decent run here, on the back of energy and
financials," said Gareth Watson, vice president Of investment
management and research at Richardson GMP. 
    But he warned that Canada's energy producers could pare
recent gains if it becomes clear that the United States will not
make a military strike on Syria and oil falls further.
    "I'm sure people would much rather where we are right now as
opposed to the end of June, when we were done close to 12,000."
    The Toronto Stock Exchange's S&P/TSX composite index
 has gained more than 7 percent since then, and was up
24.72 points, or 0.19 percent, at 12,725.77. 
    Telecom stocks also helped the index rise, with Telus Corp
 up 1.1 percent at C$33.52 and BCE Inc gaining
0.6 percent to C$43.73. The stocks had fallen the prior day
after a report that three foreign companies had studied entering
the country.
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