UPDATE 5-Toronto stocks rally as bargain-hunting sets in

Thu Sep 11, 2008 6:07pm EDT
 
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*TSX rises for a second day after an early decline

*Energy and materials sectors rise on bargain-hunting

*Tech sector rises with Research In Motion

(Adds quotes and details)

By Natasha Elkington

TORONTO, Sept 11 (Reuters) - The Toronto Stock Exchange's main index rose for a second day on Thursday, overcoming a rocky start as a bargain-hunting rally took hold in hard-hit resource shares.

Among the big gainers, fertilizer producer Potash Corp of Saskatchewan (POT.TO: Quote) was up 5.5 percent at C$162.00, and oil company EnCana (ECA.TO: Quote) was up 3 percent at C$70.82. Overall, the market's energy group ended up 1.4 percent, and the materials sector rose 0.6 percent.

The price of oil fell by $1.71 to settle at $100.87 a barrel, allowing industrial stocks to rise 1.3 percent on hopes of lower fuel bills.

The financial sector pushed up 0.5 percent after falling early in the day on fears for the future of U.S investment bank Lehman Brothers LEH.N. A report later in the day by the Wall Street Journal said Bank of America is in talks to buy Lehman.   Continued...