UPDATE 3-Toronto stocks end week on winning note

Fri Apr 4, 2008 5:27pm EDT
 
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By Leah Schnurr

TORONTO, April 4 (Reuters) - The Toronto Stock Exchange's main index ended the week on a strong winning note on Friday, lifted by energy and materials issues that followed the lead of rallying commodity prices.

Resource companies led the upside, helping Bay Street mount its fifth day of advances in a row.

Potash Corp of Saskatchewan (POT.TO: Quote) was among the biggest gainers, lifted by strong earnings by U.S.-based producer Mosaic Co (MOS.N: Quote) amid surging demand and prices for potash and phosphates.

Mosaic is a stakeholder in Canpotex, the exporter and distributor for Saskatchewan potash producers, along with Potash Corp and Agrium (AGU.TO: Quote). Shares of Potash jumped C$3.90, or 2.3 percent, to C$172.57, while Agrium was up C$3.26, or 4.9 percent, at C$70.01.

The materials sector rose 2.6 percent, as shares of miners also climbed.

Inmet Mining IMN.TO added C$3.10, or 3.7 percent, to C$87.00, and Teck Cominco (TCKb.TO: Quote) was up C$1.51, or 3.5 percent, at C$45.30. Teck confirmed late on Thursday that it had agreed to contract terms for zinc treatment charges with smelter Korea Zinc (010130.KS: Quote).

The S&P/TSX composite index .GSPTSE closed up 116.90 points, or 0.86 percent, at 13,668.19 with six of its 10 main groups higher. The benchmark was up 3.3 percent for the week, in which it closed every session higher.   Continued...