UPDATE 3-Toronto stocks climb 200 pts on robust resources

Fri May 2, 2008 5:03pm EDT
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By Leah Schnurr

TORONTO May 2 (Reuters) - The Toronto Stock Exchange's main index powered more than 200 points higher on Friday, spurred on by resurgent resources and easing worries over the health of the U.S. economy.

Fertilizer company Agrium Inc. AGU.TO was the biggest net gainer after it said it returned to profit in the first quarter. Agrium shot up C$4.40, or 5.5 percent, to C$84.00.

Energy and materials companies helped fuel the surge as they benefited from a rebound in commodity prices. In the oil and gas sector, Suncor Energy SU.TO rose C$3.05, or 2.8 percent, to C$113.65, and Canadian Natural Resources CNQ.TO was up C$2.53, or 3 percent, at C$87.27. Overall, the group put on 2.1 percent.

The S&P/TSX composite index .GSPTSE closed up 214.47 points, or 1.52 percent, at 14,280.28 in an across-the-board rally. The benchmark was up 1.3 percent for the week.

The materials sector, which houses resource shares, added 2.2 percent, helped by Agrium's advance, as well as that of Potash Corp of Saskatchewan POT.TO, which rose C$4.26, or 2.3 percent, to C$190.81.

The gold producers subindex gained 1.5 percent, with Agnico-Eagle Mines AEM.TO up C$1.43, or 2.3 percent, at C$63.88, while Centerra Gold CG.TO rose 58 Canadian cents, or 6.8 percent, to C$9.06.

Data that showed a smaller than expected decline in jobs in the United States for April calmed nerves over whether the U.S. might fall into a deep recession, and helped set a positive tone on the Toronto benchmark early in the day.   Continued...