UPDATE 3-Toronto stocks surge, fueled by oil

Thu Jun 5, 2008 4:44pm EDT
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(Updates closing numbers, adds details)

*Index ends 2 percent higher after late-day surge

*Resource groups rally along with a jump in oil prices

*MDS falls after profit drops and lowers 2008 outlook

TORONTO, June 5 (Reuters) - A surge in the price of oil helped the Toronto Stock Exchange's main index vault 2 percent higher on Thursday as energy and other resource issues charged ahead.

The index's heavyweight energy sector surged 4 percent, yanked higher as the price of oil climbed more than $5. Crude finished over $127 a barrel while the U.S. dollar weakened after the European Central Bank suggested it could raise interest rates this year.

Among the biggest gainers, Canadian Natural Resources (CNQ.TO: Quote) jumped C$6.24, or 6.4 percent, to C$103.64, while Canadian Oil Sands Trust COS_u.TO put on C$2.44, or 5 percent, to C$51.46.

The materials sector also threw its weight behind the rise, adding 3.3 percent, with miners caught in the upward momentum. Barrick Gold (ABX.TO: Quote) rose C$1.51, or 3.8 percent, to C$41.17, and Inmet Mining IMN.TO advanced C$1.85, or 2.7 percent, to C$69.40.

The S&P/TSX composite index .GSPTSE closed up 292.45 points, or 1.99 percent, at 14,982.91 with all but one of its 10 main sectors pointing up.   Continued...