UPDATE 3-Toronto stocks edge higher, pulled up by miners
TORONTO Feb 15 (Reuters) - The Toronto Stock Exchange's main index closed modestly higher on Friday as rising gold miners and other materials stocks offset softness in banks and disappointing results from Telus Corp (T.TO: Quote).
The market dropped more than 100 points midway through the session, mirroring a drop in major U.S. markets, which were rattled by concerns over consumer spending.
But strong materials stocks helped the index cap off a relatively flat week with a small victory.
The S&P/TSX composite index .GSPTSE rose 18.73 points, or 0.14 percent, to 13,226.76 on Friday. On the week it advanced 1.8 percent.
Materials stocks jumped 1 percent with gold producers 1.2 percent higher and base metal miners 0.9 percent higher despite softer metal prices.
Goldcorp (G.TO: Quote) rose 96 Canadian cents, or 2.6 percent, to C$37.19, while fertilizer producer Potash Corp of Saskatchewan POT.TO climbed 84 Canadian cents, or 0.6 percent, to C$149.35.
Agnico Eagle Mines AEM.TO rose 73 Canadian cents, or 1.2 percent, to C$63.20 on news the company's gold reserves were up 33 percent at the end of 2007.
On the downside, Telus helped to shave about 1 percent off the TSX telecoms sector after results from its key wireless unit disappointed investors. Continued...