UPDATE 3-Toronto stocks bounce higher despite oil retreat

Tue Jul 8, 2008 5:41pm EDT
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* TSX recovers to end volatile session higher

* Broad gains offset weakness in energy sector

* WestJet up on codeshare deal with Southwest

By Leah Schnurr

TORONTO, July 8 (Reuters) - A late-day surge pulled the Toronto Stock Exchange's main index higher on Tuesday as gains in the wider market offset a drop by energy shares, which were hit by another big drop in oil prices.

In a see-saw session, the index fell by more than 1 percent in the morning, undermined by declining commodity prices, following two days of steep losses.

The heavyweight energy sector came off its lows but was still down 1.3 percent as oil prices sagged more than $5 on a rallying U.S. dollar and easing concern over an Atlantic hurricane.

The TSX late rebound tracked a recovery in stocks south of the border, with investors scooping up recently downtrodden shares.   Continued...