UPDATE 3-Toronto stocks soar 340 pts on central banks' move

Tue Mar 11, 2008 5:17pm EDT
 
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(Updates with official closing numbers, adds details)

TORONTO, March 11 (Reuters) - The Toronto Stock Exchange's main index jumped almost 340 points on Tuesday following co-ordinated moves by global central banks to pump liquidity into international credit markets.

Toronto's benchmark regained all of Monday's losses and a bit more, after the Bank of Canada joined other central banks in boosting liquidity to ease credit market woes. That included a $200 billion injection by the U.S. Federal Reserve.

The S&P/TSX composite index .GSPTSE closed up 339.44 points, or 2.6 percent, at 13,344.53 All of the TSX index's 10 main groups were higher.

The heavily weighted materials group led the way higher, closing up 4.8 percent amid continued strong commodity prices.

Fertilizer giant Potash Corp (POT.TO: Quote) was the day's highest net gainer, closing up C$12.37, or 8.7 percent, at C$155.00.

The mining subgroup rose 3.8 percent while golds ended 4 percent higher, even though the price of bullion slid as the U.S. dollar pushed higher after the central banks' move.

Goldcorp G.TO ended up C$2.01, or 4.9 percent, at C$42.81 while base metals major Teck Cominco Ltd. TEKb.TO rose C$2.30, or 5.7 percent, to C$42.41.

The energy sector closed up 2.2 percent as oil surged to touch a record near $110 a barrel ahead of the liquidity injection. Shares of Petrobank Energy and Resources PRYb.TO soared by C$4.32, or 8.8 percent, to close at C$53.44.   Continued...