RPT-UPDATE 4-Toronto stock index rallies back in choppy action

Thu Feb 7, 2008 5:16pm EST
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(Refiles to fix typo, dropped word in headline) (Adds details, quotes)

By Leah Schnurr

TORONTO Feb 7 (Reuters) - After a see-saw session, the Toronto Stock Exchange's main index ended higher on Thursday, with gains in resource and banking shares tempered by worries over the state of the U.S. economy.

The S&P/TSX composite index .GSPTSE closed up 58.17 points, or 0.45 percent, at 12,925.37, the first time in three days it has ended higher. All but two of its 10 main groups were in positive territory with modest gains.

The index managed to bounce back from early losses that had been sparked by more concerns over a slowdown in the U.S. economy amid bad news from Cisco Systems Inc CSCO.O and Wal-Mart Stores WMT.N.

But investor uncertainty kept the TSX benchmark from making large gains even though key commodity prices moved higher.

The energy and materials sectors rose 0.8 percent and 0.4 percent respectively as oil and gold prices climbed. Suncor Energy SU.TO rose C$1.25, or 1.4 percent, to C$93.05, while Teck Cominco TCKb.TO was up C$1.19, or 3.6 percent, at C$34.67.

NovaGold Resources Inc NG.TO rose 4 Canadian cents, or 0.4 percent, to C$11.09 after it raised the resource levels for its Donlin Creek gold development in Alaska, and said it was hoping to expand the project.

Financials, the biggest group in the index, moved up 0.8 percent, as investors scooped up bargains in the sector, which has been battered by continued fallout from the slump in the U.S. housing market.   Continued...