Stocks lifted by climbing resources

Mon Jun 2, 2008 5:36pm EDT
 
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By Leah Schnurr

TORONTO (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."

The S&P/TSX composite index .GSPTSE closed up 99.45 points, or 0.68 percent, at 14,814.18, with seven of its 10 main sectors on the upside.

Shares of Centerra Gold (CG.TO: Quote) were off 55 Canadian cents, or 6.2 percent, at C$8.30 after the miner said a framework agreement with the government of Kyrgyzstan had expired when a ratification deadline was missed. That highlighted concerns over the ownership of the Canadian company's Kumtor mine.   Continued...

 
<p>A Toronto Stock Exchange (TSX) logo is seen in Toronto in this November 9, 2007 file photo. REUTERS/Mark Blinch</p>