UPDATE 1-Toronto stocks charge into the new year

Wed Jan 2, 2008 10:12am EST
 
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TORONTO Jan 2 (Reuters) - The Toronto Stock Exchange's main index began the year with an jump on Wednesday, rising more than 100 points on the strength of energy and gold issues.

The S&P/TSX composite index .GSPTSE was up 107.73 points, or 0.8 percent, at 13,940.79 in early action, with the energy group up 1.5 percent and the gold-mining subgroup up 2.9 percent.

The overall index logged a 7.2-percent gain in 2007.

Energy and gold-mining companies, as well as BlackBerry-maker Research In Motion RIM.TO, led the upside on Wednesday as all but two of the TSX's 10 main sectors punched into positive territory.

Violence in OPEC members Nigeria and Algeria helped boost the price of U.S. crude oil. Energy-sector buyers were also emboldened by firm natural gas futures.

EnCana (ECA.TO: Quote), the index's fourth-biggest member by weight, was up C$1.49 at C$68.99, while Suncor Energy (SU.TO: Quote), the sixth-biggest, was up C$2.00 at C$109.91.

Barrick Gold (ABX.TO: Quote) rose C$1.12 to C$42.90 as the price of spot gold reached a 28-year high.

RIM climbed C$1.89 to C$114.45, lifting the TSX tech sector 0.4 percent.

($1=$0.99 Canadian) (Reporting by Jonathan Spicer; Editing by Peter Galloway)