UPDATE 2-Toronto stocks soar with surging commodities

Mon Jun 16, 2008 12:17pm EDT
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(Updates to midday)

* TSX climbs more than 1 percent in broad-based rally

* Resources boosted by soaring commodity prices

TORONTO, June 16 (Reuters) - The Toronto Stock Exchange's main index pushed higher on Monday in a broad rally sparked by strength in resources amid red-hot commodity prices.

EnCana Corp (ECA.TO: Quote) helped boost the benchmark after it said it had established a leading position in two gas shale ventures in Canada and the United States. Shares of EnCana were up C$2.41, or 2.6 percent, at C$96.11.

Record high prices for both corn and oil set the tone early, lifting the energy and materials sectors 1 percent and 2.4 percent respectively.

Fertilizer firm Potash Corp of Saskatchewan (POT.TO: Quote) was among the day's leaders by weight, gaining C$3.99, or 1.7 percent, to C$236.11, while in the oil patch, Canadian Oil Sands Trust COS_u.TO. was up C$1.49, or 2.8 percent, at C$54.23.

"Even more broadly in the Canadian market, it looks like basically everything is just moving in sympathy with the commodities," said Paul Taylor, chief investment officer at BMO Harris Investment Management Inc.

"The question is, is this sustainable," Taylor added   Continued...