Toronto stocks open higher on oils, banks

Fri Jul 18, 2008 9:43am EDT
 
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TORONTO, July 18 (Reuters) - The Toronto Stock Exchange's main index opened higher on Friday as firmness in oil prices boosted the energy sector and quarterly results at Citigroup (C.N: Quote), the No. 1 bank in the United States, supported financials.

Shortly after the open, the S&P/TSX composite index .GSPTSE was up 55.90 points, or 0.42 percent, at 13,516.52, with eight of its main subgroups higher.

The energy sector gained 1.3 percent as the price of oil rose to around $130 a barrel following a three-day tumble.

Financials rose 1.1 percent, extending their run-up from the previous session, as upbeat quarterly results from U.S. banks reinvigorated the sector. ($1=$1.00 Canadian) (Reporting by Jennifer Kwan; Editing by Peter Galloway)