UPDATE 1-Toronto stocks rise on bargain-hunting in resources

Mon Aug 18, 2008 11:23am EDT
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*TSX index gets boost from bargain-hunting

*Oil and gold shares firm after last week's slide

*Corel slips after buyout plan withdrawn

TORONTO, Aug 18 (Reuters) - The Toronto Stock Exchange's main index rose on Monday as higher commodity prices encouraged bargain-hunting in resource shares after a big drop on Friday.

The bounce from last week's six-month low signals further volatility, said Paul Harris, portfolio manager at Avenue Investment Management. "The trend for Canada, at least, is what's going on with commodities," he said.

The S&P/TSX composite index .GSPTSE was up 96.28 points, at 0.74 percent, at 13,192.98, with most of its 10 main groups higher, after jumping 100 points at the open. On Friday it tumbled 262 points as oil and metal prices dropped.

The energy sector was up 0.3 percent with EnCana Corp ECA.TO up 24 Canadian cents, or 0.3 percent, at C$70.28.

Materials rose 2.1 percent with fertilizer producer Potash Corp POT.TO surging C$4.30, or 2.4 percent, to C$184.20, while Kinross Gold K.TO rose 2.3 percent to C$16.15.   Continued...