Toronto stocks open higher in broad-based rally

Fri Jun 13, 2008 9:55am EDT
 
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TORONTO, June 13 (Reuters) - The Toronto Stock Exchange's main index sputtered early but then recovered on Friday morning as cheery U.S. inflation data inspired a broad-based rise in Canadian stocks.

The S&P/TSX composite index .GSPTSE was up 52.88 points, or 0.4 percent, at 14,655.47. The financial sector jumped 0.5 percent while materials added 1 percent.

Royal Bank of Canada RY.TO advanced 50 Canadian cents to C$48.92, while fertilizer-producer Potash Corp of Saskatchewan POT.TO climbed C$2.38 to C$230.53.

U.S. stocks were also higher after data showed U.S. consumer prices rose 0.6 percent last month, only slightly more than forecasts, which eased concerns over inflation. See: [nN12334215]

The energy sector fell shortly after the open, but was soon up 0.3 percent despite soft crude oil and natural gas futures. ($1=$1.03 Canadian) (Reporting by Jonathan Spicer; Editing by Scott Anderson)