UPDATE 1-Toronto stocks rise as commodity prices gain

Thu Jun 5, 2008 11:21am EDT
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(Adds details, analyst's comments)

*Oil and metals prices support energy and materials stocks

*North American economic data aids rise

TORONTO, June 5 (Reuters) - The Toronto Stock Exchange's main index hung on to most of its early gains at mid morning on Thursday, aided by energy and material stocks as prices for crude oil and metals rebounded.

Adding support was a surprise jump in Canadian building permits for April, which lifted spirits about the economy. In the United States, a report showed an unexpected fall in jobless claims last week.

The S&P/TSX composite index .GSPTSE was up 76.84 points, or 0.5 percent, at 14,767.30. It rose more than 100 points earlier in the session.

The key support came from oil, up 1 percent at above $123.50 a barrel on the back of a weaker U.S. dollar.

The volatile shares of Research In Motion RIM.TO led the rise, up C$3.59 at C$140.03, but the energy sector added broad support, climbing 1 percent as a group.

Canadian Natural Resources (CNQ.TO: Quote) jumped C$1.95 to C$99.35, and EnCana (ECA.TO: Quote) added 95 Canadian cents to C$90.20.   Continued...