* TSX up 71.36 points, or 0.5 pct, at 13,424.70
* All 10 main sectors gain
By Alastair Sharp
TORONTO, Sept 15 (Reuters) - Canada's main stock index
gained half a percent by midday on Tuesday, lifted by a rise in
energy companies in the wake of a moderate rise on the price of
crude oil.
Caution remained a dominant theme on global markets, with
investors waiting to see if the U.S. Federal Reserve will hike
interest rates for the first time in nearly a decade following a
policy meeting later in the week.
That presents a buying opportunity for those who are
confident that the neighboring North American economies will
improve in the second half of the year.
"We're taking advantage of the market correction to put cash
to work," said Barry Schwartz, portfolio manager at Baskin
Financial Services. "I'm like a kid in a candy store. In my
opinion the problem is my mommy has only given me a dollar to
spend."
At 11:48 a.m. ET (1548 GMT), the Toronto Stock Exchange's
S&P/TSX composite index .GSPTSE was up 71.36 points, at
13,424.70. All ten of the index's main groups were in positive
territory.
The index had hit a peak above 15,500 points in April.
The most influential movers on the index were financials and
energy companies with Canadian Natural Resources CNQ.TO up 2.3
percent to C$26.70, and Manulife Financial Corp MFC.TO adding
1.1 percent to C$20.48.
The overall financials group climbed 0.5 percent while
energy climbed 1.5 percent.
Valeant Pharmaceuticals (NYSE:VRX) International VRX.TO , a large
weight and erratic stock, gained 1.7 percent to C$300.49.
Schwartz said he was avoiding oil and gas companies because
volatility in crude markets was making valuating them difficult.
U.S. crude CLc1 prices were up 1.3 percent to $44.56 a
barrel, while Brent crude LCOc1 lost 0.1 percent to $46.31.
O/R
There were 2 gainers for every decliner, with no new 52-week
highs and 6 new lows.
(Editing by Bernadette Baum)