The Toronto stock market was moderately higher Tuesday morning as energy shares were stoked by record oil prices, offsetting dismal news from some of the world's biggest financial companies.

Costly oil and pressure from financials pushed New York markets lower.

Toronto's S&P/TSX composite index moved up 47.44 points to 14,321.78 at midmorning.

The TSX Venture Exchange shed 0.22 of a point to 2,493.54 while the Canadian dollar moved ahead 0.63 cent to 99.30 cents US.

In economic news, Statistics Canada said building permits fell 4.5 per cent in April compared to March because of a 33 per cent slump in Alberta. Excluding Alberta, the value of building permits increased 5.1 per cent.

New York's Dow Jones industrials declined 72.96 points to 12,896.58.

The Nasdaq composite index moved 10.55 points lower to 2,453.57 while the S&P 500 index slipped 5.24 to 1,402.25.

Huge writedowns connected to the U.S. housing sector led to a quarterly loss of just under US$11 billion at UBS AG. Switzerland's largest bank also said it will slash almost seven per cent of its workforce, or 5,500 jobs. Its shares fell $1.17 to US$33.14.

Swiss Re, the world's largest reinsurer, suffered a 53 per cent drop in first-quarter net profit to US$594 million, blaming turmoil in financial markets and $779 million in writedowns linked to bad loans.

Fannie Mae, America's largest buyer and backer of home loans, lost US$2.2 billion in the first quarter as mortgage delinquencies mounted. Its stock gave back $1.17 to US$27.12.

In Canada, Sun Life Financial Inc. (TSX: SLF) reported a seven per cent rise in first-quarter profit to $533 million despite ``difficult capital markets, global credit pressures and currency headwinds." The insurer's net income amounted to 93 cents per share, below the $1.00 share analyst had expected. Sun Life shares declined $2.49 to $46.71.

The Toronto financial sector was down 1.7 per cent as Royal Bank (TSX: RY) fell 67 cents to $48.04 while CIBC (TSX: CM) declined 92 cents to $73.01.

The TSX energy sector headed 2.1 per cent higher as the June crude contract on the New York Mercantile Exchange gained $1.81 to US$120.78 a barrel after earlier hitting US$122. EnCana Corp. (TSX: ECA) gained $1.83 to $83.83.

Pengrowth Energy Trust (TSX: PGF.UN) was hit by mark-to-market hedging and foreign-exchange setbacks, producing a first-quarter net loss of $56.6 million, but its units were up 10 cents to $20.35.

Gold prices were higher with the June bullion contract on the Nymex ahead $7.30 to US$881.40 an ounce, sending the TSX gold sector up 1.85 per cent as Kinross Gold Corp. (TSX: K) rose 46 cents to $20.50.

Shares in Barrick Gold Corp. (TSX: ABX) were up 61 cents to $40.02 after it reported a first-quarter profit of US$514 million, up from a year-ago net loss of $159 million as surging gold prices offset lower production.

Molson Coors Brewing Co. (TSX: TAP.B) (NYSE: TAP) said strong results in the U.S. and Canada boosted first-quarter profit to US$37.1 million, compared to US$4.4 million a year ago. In New York, its shares rose $3.37 to US$56.53.

Shares in George Weston Ltd. (TSX: WN) climbed 91 cents to $49.91 after the food producer and Loblaw parent said its first-quarter profit was up 26 per cent to $131 million on price increases and cost reductions. Weston sales ticked up 1.6 per cent to $7.34 billion.

First-quarter profit more than doubled for Hanfeng Evergreen Inc. (TSX: HF) as the Canadian-headquartered Chinese fertilizer producer increased its sales by 131 per cent to $55.8 million. Net income bloomed to $7.1 million from $3.2 million. Hanfeng stock rose 19 cents to $13.39.

Hydrogenics Corp. (TSX: HYG) shares headed up three cents to 75 cents after a 56 per cent rise in first-quarter revenue to $10.7 million thanks to higher sales of onsite power generation technology. The quarter's net loss was reduced to $4.3 million from $8.3 million.

Overseas, Hong Kong's Hang Seng index rose 0.3 per cent to 26,262.13 while the Shanghai composite declined 0.7 per cent to 3,733.5. Japan's stock market remained closed for a holiday.

The FTSE 100 index was off 35.1 points to 6,180.4 in London. Germany's DAX index lost 58.93 points to 6,993.15 and the Paris CAC-40 declined 33.52 points to 5,029.84.

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