UPDATE 1-Toronto stocks rise as resource issues rebound

Thu Jul 10, 2008 11:30am EDT
 
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*Materials, energy issues buoyed by firm oil, gold

*Financials will continue "sloppy" trading

*Astral Media shares down after third-quarter results

TORONTO, July 10 (Reuters) - The Toronto Stock Exchange's main index was higher at midmorning on Thursday, yanked up by bargain-hunting in mining and oil shares after they tumbled on Wednesday.

The index's resource-laden materials sector led the gain, up 2.4 percent, on strength in underlying commodity prices, particularly gold, which has been a safe-haven buy amid tensions in the Middle East.

Oil and gas shares were higher, up 1.4 percent, as oil prices rose more than $2 on supply concerns and more Iranian missile tests.

At midmorning, the S&P/TSX composite index .GSPTSE was up 111.45 points, or 0.82 percent, at 13,722.29. The index jumped 100 points at the open, but quickly lost all that and turned negative before climbing back up again.

It tumbled nearly 200 points on Wednesday, hit by fears over the economic outlook and weaker second-quarter results.   Continued...