CANADA STOCKS-Energy, materials lift Toronto index

Fri Nov 7, 2008 10:37am EST
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* Index opening quote delayed about 7 minutes

* Gains in energy, materials groups set pace

* Telus Corp down 4.3 pct as profit falls, forecast cut

TORONTO, Nov 7 (Reuters) - The Toronto Stock Exchange's main index .GSPTSE rose on Friday morning as gains in resource issues on rising commodity prices outweighed declines in most sectors.

The posting of an opening quote for the S&P/TSX composite index .GSPTSE was delayed by about 7 minutes, although individual stock quotes were available at the 9.30 a.m. The exchange said Standard & Poor's did not transmit the information to the exchange until around 9:36 a.m. S&P said it is investigating why the data was not transmitted.

Shortly after 10:30 a.m., the S&P/TSX was up 72.14 points, or 0.75 percent, at 9,627.55. It turned briefly negative after rising nearly 1 percent. Six of the index's 10 main groups were lower.

Two of the advancers were the heavily-weighted commodities sectors, energy and materials, which were up 2.45 percent and 3.63 percent, respectively as commodity prices rose. Oil fell towards $60 after a U.S. jobs report showed employers cut 240,000 jobs in October, but regained some footing midmorning to under $62 a barrel.

Telus Corp was among the top net losers as it posted a lower quarterly profit and cut its revenue and profit forecasts for the year. It raised its dividend but said it was expanding its cost-cutting program. Telus was down 4.3 percent at C$49.05. [ID:nN07389762] ($1=$1.17 Canadian) (Reporting by Ka Yan Ng; editing by Peter Galloway)