UPDATE 1-Toronto stocks sprint higher on strong resources

Tue Jun 17, 2008 11:06am EDT
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(Updates to midmorning)

*TSX pulled higher by resource and agriculture stocks

*Banks rise on optimism worst of credit crunch is over

TORONTO, June 17 (Reuters) - The Toronto Stock Exchange's main index surged more than 100 points on Tuesday, adding to the previous session's strong gain as it was again pulled up by fertilizer and other resource shares.

Fertilizer producers Potash Corp of Saskatchewan (POT.TO: Quote) and Agrium (AGU.TO: Quote) were both among the biggest gainers on the benchmark amid continuing worries over heavy crop losses from flooding in the U.S. Midwest.

Potash Corp was up C$4.76, or 2 percent, at C$240.43, and Agrium rose C$3.60, or 3.3 percent, to C$111.90.

Energy and mining companies also lent support, even though commodity prices were soft, as investors picked up shares in areas that have seen strength.

"I think money is gravitating to those areas that are showing good growth in earnings," said Ian Nakamoto, director of research at MacDougall, MacDougall & MacTier. "Obviously the energies, Research In Motion and agriculture are having good growth in earnings."

The S&P/TSX composite index .GSPTSE was up 115.99 points, or 0.78 percent, at 15,060.27 with eight of its 10 main sectors on the upside.   Continued...