Toronto stocks up at open in cautious trading

Mon Mar 3, 2008 9:48am EST
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TORONTO, March 3 (Reuters) - Toronto stocks climbed at the open on Monday, underpinned by firm resource prices, but investors remained cautious ahead of the Bank of Canada's next move on interest rates.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was up 27.46 points, or 0.2 percent, at 13,610.15.

Six of the TSX index's 10 main groups rose, led by a 1.4 percent boost from the resource-heavy materials group and a 0.6 percent rise in the energy group.

Oil shares climbed as the price for U.S. crude oil jumped 1.5 percent to $103.33 a barrel.

Most of Canada's biggest oil companies were higher including Suncor Energy SU.TO which added C$2.14 to C$103.64.

Gold shares rose as the price for the precious metal inched closer to the $1,000 an ounce mark. Agnico-Eagle Mines Ltd AEM.TO was up C$1.47 at C$69.47.

But a 0.6 percent drop among the heavily weighted financial shares and a 0.5 percent dip among consumer discretionary shares tempered the gains.

Bank of Montreal BMO.TO, set to report its first-quarter results on Tuesday, was down 76 Canadian cents at C$48.94. ($1=$0.99 Canadian) (Reporting by Scott Anderson; Editing by Bernadette Baum)