CANADA STOCKS-TSX ekes out gain on stronger energy issues

* TSX up 2.94 points, or 0.02 pct, at 12,895.65

* Six of the TSX’s main groups end down
(Adds details, comments)

By Solarina Ho

TORONTO, Nov 29 (BestGrowthStock) – Toronto’s main stock index just
managed to finish in positive territory on Monday, as stronger
oil prices helped boost energy issues and helped offset worries
about European debt levels.

U.S. crude oil futures rose more than 2 percent to finish
at $85.73 a barrel. Prices helped lift the overall energy group
by 0.67 percent. [O/R]

Suncor Energy (SU.TO: ) led the rally, climbing 1.55 percent
to C$34.69, while Canadian Oil Sands Trust (COS_u.TO: ) climbed
2.36 percent to C$27.75. Penn West Energy trust (PWT_u.TO: ) was
up 1.17 percent at C$22.49, while Enerplus Resources Fund
(ERF_u.TO: ) gained 1.81 percent to C$28.74.

Husky Energy (HSE.TO: ), which canceled plans to spin off its
Southeast Asian operations and green-lighted a C$2.5 billion
($2.45 billion) Alberta oil sands project, was among the
decliners, falling 3.72 percent to C$24.57. [ID:nN29205538]

“Oil prices are higher. Basically, the big reason was
Ireland got bailed out, but I don’t really think it affects it
all that much. I think it affects sentiment more,” said Laura
Lau, a senior portfolio manager at Sentry Select Capital Corp.

Mining issues, a part of the all-important materials group,
recovered some of their earlier losses, but the sector still
ended down about 0.21 percent as stronger gold prices could not
overcome lingering concerns about euro zone debt. [GOL/]
MET/L]

Barrick Gold (ABX.TO: ) was down 1.27 percent at C$51.19
while Kinross Gold (K.TO: ) slipped 2.81 percent to C$17.65.

The Toronto Stock Exchange’s S&P/TSX composite index
(.GSPTSE: ) ended the day up 2.94 points, or 0.02 percent, at
12,895.65. Six of the TSX’s 10 main groups ended lower.

The financial group, another sector heavyweight, was
marginally higher, up 0.07 percent. National Bank of Canada
(NA.TO: ), which kicks off quarterly bank earnings on Tuesday,
was up 0.22 percent at C$68.73. Royal Bank of Canada (RY.TO: ),
which reports on Friday, was an influential gainer, advancing
0.69 percent to C$55.38.

“Most people are at their position for the year-end and
aren’t making a lot of changes.” said Lau.

The markets were in the red for much of the day as concerns
that other debt-plagued European countries would need rescuing
persisted, even after Ireland’s 85-billion-euro loan package
was endorsed by European Union finance ministers.
[ID:nTOPNOW6]

“I would say the sovereign debt concerns that weighed
heavily on the markets early this morning have simmered down a
bit. Clearly this is a long-running saga,” said Bob Gorman,
chief portfolio strategist at TD Waterhouse.

“It really comes down to a tug-of-war between the macro
economic issues, which are questionable shall we say, and the
fundamentals, which are pretty good,” Gorman said.

In individual company news, shares of Uranium One (UUU.TO: )
fell as much as 15 percent before recovering, but still closed
down 5.9 percent at C$5.09 after it said it would issue its
special dividend in late December. One analyst speculated the
drop was probably due to profit-taking ahead of the dividend.
[ID:nN29246803]

($1=$1.02 Canadian)

CANADA STOCKS-TSX ekes out gain on stronger energy issues