UPDATE 2-Toronto stocks charge ahead amid surging oil

Thu Jun 5, 2008 3:46pm EDT
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(Updates to late afternoon)

* Index climbs more than 1 percent late in the day

* Resource shares surge as price of oil jumps

TORONTO, June 5 (Reuters) - The Toronto Stock Exchange's main index pushed more than 1 percent higher on Thursday, led by surging resource issues as the price of oil strengthened.

A softer U.S. dollar helped the price of oil jump more than $5 to above $127 a barrel, which gave a 3.5 percent boost to the heavyweight Toronto energy sector.

Canadian Natural Resources (CNQ.TO: Quote) rose C$5.68, or 5.8 percent, to C$103.08, and Canadian Oil Sands Trust COS_u.TO was up C$2.70, or 5.5 percent, at C$51.72.

The materials group, home to resource shares, also lent its support, jumping 3 percent, while Potash Corp of Saskatchewan (POT.TO: Quote) gained C$9.36, or 4.4 percent, to C$221.86.

The S&P/TSX composite index .GSPTSE was up 247.17 points, or 1.68 percent, at 14,937.63 with all but two of its 10 main sectors higher.

Shares of miners and gold producers also helped the materials sector rise, with Barrick Gold (ABX.TO: Quote) up C$1.51, or 3.8 percent, at C$41.17, and Teck Cominco TCKb.TO adding C$1.62, or 3.4 percent, to C$49.97   Continued...