Toronto stocks edge higher as resources gain

Wed Jun 18, 2008 9:52am EDT
 
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TORONTO, June 18 (Reuters) - The Toronto Stock Exchange's main index overcame initial weakness to push slightly higher on Wednesday, helped by gains in resources while oil prices firmed.

The S&P/TSX composite index .GSPTSE was up 10.47 points, or 0.07 percent, at 15,079.30 shortly after the opening bell with just three of its 10 main sectors higher.

After initially falling, the index was pushed into positive territory as the energy sector gained 0.2 percent, while the price of oil trimmed morning gains but remained higher.

The materials sector, home to resource shares, added 0.5 percent with help from miners and fertilizer firms.

On the downside, the financial sector stumbled 0.3 percent the day after Goldman Sachs cautioned that banks will have to raise more capital to strengthen balance sheets that have been stung by problems in the U.S. mortgage market. ($1=$1.02 Canadian) (Reporting by Leah Schnurr; Editing by Scott Anderson)