Toronto stocks open higher as resources support

Thu May 8, 2008 9:42am EDT
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TORONTO May 8 (Reuters) - The Toronto Stock Exchange's main index kicked off the day higher, boosted by resource shares, as gold companies gained from firm bullion prices.

The S&P/TSX composite index .GSPTSE was up 44.48 points, or 0.31 percent, at 14,416.01 shortly after the opening bell.

The materials sector led the way up, rising 1.4 percent, lifted by a 2.5 percent gain from its gold producers subindex.

The energy sector edged up 0.3 percent, while the price of oil dipped after hitting a high near $124 a barrel earlier.

All but two of the benchmark's 10 main sectors pushed higher. But the financials sector was off 0.2 percent. (Reporting by Leah Schnurr; editing by Janet Guttsman)