UPDATE 4-Toronto stocks lifted by climbing resources

Mon Jun 2, 2008 5:35pm EDT
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(Adds detail, quotes)

*Benchmark index ends 0.7 percent higher

*Resource shares set the pace as commodity prices firm

By Leah Schnurr

TORONTO, June 2 (Reuters) - The Toronto Stock Exchange's main index finished higher after a choppy session on Monday, lifted by gains in energy and other resource issues as commodity prices firmed.

The advances in heavyweight resource shares overshadowed resurgent concern over the global impact of the credit crunch, a worry that hurt U.S. and European stock markets.

Toronto's energy sector gained 1.8 percent as crude prices rose to $127.76 a barrel. Imperial Oil (IMO.TO: Quote) was up C$1.85, or 3.2 percent, at C$59.60, and Petro-Canada PCA.TO rose C$1.08, or 1.9 percent, to C$58.41.

Gains by miners, as bullion prices pushed higher, and agricultural companies helped the materials group rise 1.4 percent. Goldcorp (G.TO: Quote) rose 76 Canadian cents, or 1.9 percent, to C$40.73, while fertilizer company Potash Corp of Saskatchewan (POT.TO: Quote) added C$6.04, or 3.1 percent, to C$203.37.

Energy and materials shares "are still in the running and they're propelling our gains in Canada," said Adrian Mastracci, portfolio manager and president at KCM Wealth Management Inc. in Vancouver. "Our commodities-style indices are sort of masking what's really going on in other parts of the world."   Continued...