UPDATE 4-Toronto stocks rally along with commodities

Wed Aug 13, 2008 5:15pm EDT
 
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* TSX climbs 1.6 percent to breaks four-session slide

* Resource shares gain along with commodity prices

* Financials falter on economic worries

By Leah Schnurr

TORONTO, Aug 13 (Reuters) - The Toronto Stock Exchange's main index broke out of a four-session slump on Wednesday, soaring more than 200 points as the heavyweight resource sectors benefited from strong commodity prices.

A $3 gain in oil prices propelled the benchmark index higher following U.S. government data that showed a decline in fuel and crude supplies.

The energy sector, which has declined recently as oil prices eased from record highs, rose 4.4 percent, with Canadian Natural Resources (CNQ.TO: Quote) up 7.2 percent, or C$5.66, at C$84.54.

The materials sector also helped lift up the index, rising 6.5 percent, as gold prices followed oil's upward momentum. Agnico-Eagle Mines (AEM.TO: Quote) was up 9.6 percent, or C$4.98, at C$56.90.   Continued...