UPDATE 1-Toronto stocks rise as oils, golds up on Mideast

Wed Jul 9, 2008 11:10am EDT
 
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*TSX gets big boost from energy, materials issues

*Energy shares rise as oil rebounds to $138

*Gold miners benefit as Mideast tensions buoy metal prices

TORONTO, July 9 (Reuters) - The Toronto Stock Exchange's main index was sharply higher at midmorning on Wednesday, extending the previous session's gains and boosted by strength in its key energy sector as oil prices rose.

The oil and gas group was up 2.2 percent as oil prices, which had fallen from record highs earlier this week, rebounded to around $138 barrel as political tension rose amid reports Iran had test-fired missiles.

"The crude prices went up again this morning on the geopolitical situation that is developing in the Middle East," said Joe Ismail, technical analyst at Maison Placements Canada.

"I wouldn't be surprised to see investors coming in and picking up the oil and gas stocks."

The S&P/TSX composite index .GSPTSE was up 158.06 points, or 1.1 percent, at 13,967.83. Of its 10 main groups, six were higher, with energy issues leading the rise.   Continued...