UPDATE 2-Toronto stocks get lift from resource shares

Fri Feb 8, 2008 4:34pm EST
 
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(Updates numbers, adds details, quotes)

TORONTO Feb 8 (Reuters) - The Toronto Stock Exchange's main index ended higher on Friday in a late-day push propelled by resource issues, as key commodity prices climbed.

The heavyweight energy sector followed crude oil's direction, as the commodity jumped 4 percent on supply disruptions and an oncoming cold spell in the U.S. Northeast.

Suncor Energy (SU.TO: Quote) rose C$1.74, or 1.9 percent, to C$94.79, and Canadian Natural Resources (CNQ.TO: Quote) gained C$1.26, or 2.1 percent, to C$62.21. The sector overall was up 1.1 percent.

The materials sector added 1.6 percent, while its subindex of gold producers was up 2.3 percent amid climbing bullion prices.

Agnico-Eagle Mines AEM.TO rose C$2.05, or 3.3 percent, to C$63.45, and Goldcorp (G.TO: Quote) moved up C$1.39, or 3.9 percent, at C$36.73.

The S&P/TSX composite index .GSPTSE closed up 63.97 points, or 0.49 percent, at 12,989.34. But the benchmark lost 2.5 percent on the week, plagued by worries of a U.S. slowdown.

On the downside, Inmet Mining IMN.TO was the biggest drag after the company, along with Petaquilla Copper PTC.TO and Teck Cominco Ltd (TCKb.TO: Quote) said development cost estimates at their Petaquilla copper project have more than doubled in the past year. That put the future of the project, located in Panama, into question.

Inmet finished down C$3.84, or 5.4 percent, at C$67.31, while Petaquilla was off 26 Canadian cents, or 13.4 percent, at C$1.68. Teck, which has the option of taking a 26 percent stake in the project if it commits to fund 52 percent of the development costs, edged up 6 Canadian cents, or 0.2 percent, to C$34.73.   Continued...