UPDATE 1-Toronto stocks in broad, commodity-driven rally

Wed Apr 2, 2008 10:26am EDT
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TORONTO, April 2 (Reuters) - The Toronto Stock Exchange's main index jumped on Wednesday morning as shares of miners, energy producers and banks led a broad morning rally.

With the help of firm commodities, the resource-heavy TSX parted paths with major U.S. stock markets, which slipped after Federal Reserve Chairman Ben Bernanke said the U.S. economy could contract in the first half of this year.

Metals, particularly gold, gained ground on commodity markets. That lent a hand to the TSX gold-mining subsector, which jumped 1.9 percent.

Overall, the S&P/TSX composite index .GSPTSE was up 91.80 points, or 0.7 percent, at 13,532.52, adding to a 0.7-percent rise in the previous session.

The index was up more than 105 points shortly after the market opened.

Leading the ascent, Barrick Gold (ABX.TO: Quote) climbed C$1.56 to C$44.26, while Goldcorp (G.TO: Quote) was up C$1.13 at C$39.43.

The energy sector was up 0.8 percent with Suncor Energy (SU.TO: Quote) rising C$1.17 to C$99.70.

The financial sector lost some of its early steam, but an hour into the session it was still 0.3 percent higher with Manulife Financial (MFC.TO: Quote) advancing 17 Canadian cents to C$40.65.   Continued...