CANADA STOCKS-Resources, bargain-hunting push TSX higher

Fri Nov 7, 2008 12:53pm EST
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* Gains in energy, materials groups set pace

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

* Index opening quote delayed about 7 minutes

TORONTO, Nov 7 (Reuters) - The Toronto Stock Exchange's main index .GSPTSE was moderately higher at midday on Friday on gains in resource issues as commodity prices rose. and on bargain-hunting after two days of losses.

Shortly after 12:15 p.m., the S&P/TSX was up 34.33 points, or 0.4 percent, at 9,589.74 in a see-saw session.

Advancers and decliners were even among the index's 10 main groups but two of the advancers were the heavily-weighted commodities sectors -- energy and materials, which were up 0.95 percent and 1.83 percent, respectively.

Oil fell towards $60 a barrel after the U.S. October jobs report showed 240,000 jobs were lost, but it then regained some footing above $61 a barrel. [ID:nSYD358229]

Canadian Natural Resources, which fell nearly 12 percent in the previous session as it said oil sands project costs were rising and causing delays, recaptured a portion of those losses, up 3.3 percent at C$55.17.

The grim U.S. jobs report -- in contrast with figures showing an unexpected gain in jobs in Canada in October [ID:N07] -- added to worries about the depth of the downturn in the U.S. economy, but U.S. stocks rose as investors sought bargains after two days of losses. [ID:nN07399101   Continued...