UPDATE 2-Toronto stocks pulled sharply higher by resources

Thu May 15, 2008 5:03pm EDT
 
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(Updates with official closing numbers, adds details)

*Index closes at record high

*Resource and financial sectors rally

TORONTO, May 15 (Reuters) - The Toronto Stock Exchange's main index popped up more than 1 percent on Thursday, propelled further into record high territory by strong resource and financial shares.

Inmet Mining IMN.TO was the biggest net gainer on the day, rising C$6.25, or 9.3 percent, to C$73.75. Fertilizer company Potash Corp of Saskatchewan (POT.TO: Quote) was also among the leaders, finishing up C$5.28, or 2.7 percent, at C$204.50.

Gold producers also jumped, benefiting from rising gold prices. Agnico-Eagle Mines AEM.TO was up C$3.38, or 5.3 percent, at C$67.29, while the subindex gained 3.6 percent.

The S&P/TSX composite index .GSPTSE closed up 201.75 points, or 1.38 percent, at 14,828.06 with all but one of its 10 main sectors moving higher.

The surge helped the benchmark climb further into record territory, continuing the week's trend after it broke last summer's record high on Monday.

The financials sector, the biggest group on the index by weight, rose 1.6 percent, with Toronto-Dominion Bank TD.TO rising 94 Canadian cents, or 1.4 percent, to C$68.51, and Canadian Imperial Bank of Commerce (CM.TO: Quote) up 83 Canadian cents, or 1.1 percent, at C$74.84.

On the downside, FirstService Corp (FSV.TO: Quote) tumbled C$2.77, or 12.2 percent, to C$19.96 after the property services firm swung to a fourth-quarter loss as it was stung by unfavorable market conditions.

The telecoms sector was the only group in negative territory, giving up 0.2 percent. ($1=$1.00 Canadian) (Reporting by Leah Schnurr; Editing by Peter Galloway)