Toronto's main stock index rose moderately on Wednesday morning as a firmer oil price lifted the energy group. A 2 percent rise in energy shares overcame declines in the heavily weighted financial and materials sectors. The three groups make up about three-quarters of the main index's weighting and the first hour of the session was highlighted by see-sawing action after the TSX notched its third-straight day of gains. Energy shares were helped by a rising oil price, which reached a six-month high after OPEC's biggest member, Saudi Arabia, said the global economy had strengthened enough to cope with oil at $75 to $80 a barrel. Energy issues were the top movers on the TSX, with EnCana leading the pack, up 1.8 percent at C$60.45. Suncor rose 2.5 percent to C$37.52 and Petro Canada gained 3.1 percent to C$47.05. "Today, it looks like it's back to the energy commodity story," said Ian Nakamoto, director of research at MacDougall, MacDougall & MacTier. At 10:25 a.m. (1425 GMT), the S&P/TSX composite index was up 26.60 points, or 0.26 percent, at 10,312.50, after a brief turn lower shortly after the open. The heavyweight materials group was off 0.97 percent, with Barrick Gold retreating 1.6 percent to C$40.32, while Goldcorp dropped 1.3 percent to C$41.69. Gold prices held around $950 an ounce, coming under pressure as a firmer U.S. dollar diverted some investment interest from bullion. Banks were also among the main movers to the down side, including Toronto Dominion Bank, Royal Bank of Canada , and Bank of Nova Scotia. Earnings from the big bank continue to be the focus this week after Bank of Montreal posted a stronger quarterly profit than expected on Tuesday and sparked a 4.6 percent rally in the financial sector. Some of those gains were given up on Wednesday amid profit-taking, as regional bank Laurentian Bank of Canada reported a lower than expected profit.

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