UPDATE 2-Toronto stocks get lift from commodity prices

Wed Aug 13, 2008 1:42pm EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

(Updates to early afternoon)

*TSX index pulled higher by rising commodity prices

*Broader market falls on worries over U.S. economy

*Gildan slumps after quarterly results

TORONTO, Aug 13 (Reuters) - The Toronto Stock Exchange's main index climbed 1 percent on Wednesday as resource shares bounded higher with commodity prices, eclipsing declines in financial and consumer stocks.

The price of oil rose more than $3 after a U.S. government report showed a decline in fuel inventories. The gain boosted Bay Street's energy sector, with Canadian Natural Resources (CNQ.TO: Quote) rising 5 percent.

Gold producers and other miners also helped lift the TSX index as prices for gold and other metals rose. Agnico-Eagle Mines (AEM.TO: Quote) gained 7.9 percent.

But the broader market remained under the water line, dragged down by worries over consumer sentiment and the outlook for the U.S. economy after U.S. retail sales edged lower in July, as expected.

The large financial sector fell with Canadian Imperial Bank of Commerce (CM.TO: Quote) among the laggards, losing 3.3 percent.   Continued...