UPDATE 2-Toronto stocks rally with oils after shaky morning

Mon Jun 2, 2008 12:51pm EDT
 
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(Updates to early afternoon)

*Key index recovers after choppy morning action

*Resources climb as oil price rebounds

*Lululemon Athletica gains ahead of quarterly results

TORONTO, June 2 (Reuters) - The Toronto Stock Exchange's main index pushed higher early on Monday afternoon with resource shares finding traction as oil prices regained ground.

After a see-saw start to the session, the index's heavyweight oil and gas group was up 1.3 percent. Canadian Natural Resources (CNQ.TO: Quote) was up C$1.86, or 1.9 percent, at C$99.10, and Suncor Energy (SU.TO: Quote) rose C$1.32, or 2 percent, to C$69.08.

The resource-laden materials sector gained 1.7 percent, with help from gold producers and agriculture companies. Fertilizer producer Potash Corp of Saskatchewan (POT.TO: Quote) advanced C$6.71, or 3.4 percent, to C$204.04, and competitor Agrium (AGU.TO: Quote) added C$2.27, or 2.6 percent, to C$89.03.

"It started on a bit of an off note with energies, but it looks like the materials and, in particular, the agriculture stocks have managed to pull things up," said Michael Sprung, president at Sprung & Co. Investment Counsel.

"It's basically a commodities boom pushing Canada today," Sprung added.   Continued...