Toronto stocks open higher as resources climb

Fri Jun 20, 2008 9:49am EDT
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TORONTO, June 20 (Reuters) - The Toronto Stock Exchange's main index pushed ahead on Friday morning, bolstered by energy stocks as the price of oil rallied from Thursday's slide.

The S&P/TSX composite index .GSPTSE was up 54.41 points, or 0.37 percent, at 14,844.56 shortly after the opening bell.

The heavyweight energy sector led the way up, rising 1.7 percent, while the price of oil firmed above $134 a barrel.

The materials group, home to resource shares, also supported the benchmark, gaining 0.9 percent, with help from the subindex of gold producers, up the same amount.

Along with oil and gas companies, Potash Corp of Saskatchewan (POT.TO: Quote) was among the biggest winners, rising C$2.83, or 1.2 percent, to C$239.19.

But the financial sector gave up 0.9 percent on persistent worries of more fallout from the U.S. credit crunch. ($1=$1.02 Canadian) (Reporting by Leah Schnurr; editing by Janet Guttsman)