UPDATE 4-Toronto stocks charge higher on resources rally

Wed Feb 20, 2008 4:40pm EST
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

(Updates with official closing numbers, adds detail)

TORONTO Feb 20 (Reuters) - The Toronto Stock Exchange's main index charged higher on Wednesday, shrugging off early losses, as resource shares were boosted by new highs from oil and gold prices.

The energy and materials sectors, which combined make up about 40 percent of the index, gained 0.9 percent and 1.2 percent respectively, taking their cue from underlying commodity prices.

Oil hurtled to a record $101.31 a barrel, spurred by concerns over supply from OPEC. Crude closed at $100.74, the top settlement on record.

On Bay Street, Canadian Natural Resources CNQ.TO was up C$1.30, or 1.9 percent, at C$69.35, and Suncor Energy SU.TO added C$1.01, or 1 percent, to C$100.60.

Gold prices also followed oil's momentum to hit a high of $943.20 an ounce before stepping back to $934.80. The gold-producers subindex rose 1.2 percent, with Centerra Gold CG.TO gaining 29 Canadian cents, or 2.1 percent, to C$14.04. Also in the resources space, Agrium Inc AGU.TO climbed C$2.43, or 3.5 percent, to C$71.43.

The S&P/TSX composite index .GSPTSE closed up 103.95 points, or 0.77 percent, at 13,551.69 with seven of its 10 main groups in positive territory.

Canadian Pacific Railway Ltd CP.TOCP.N also helped pull the index higher after it said it will appeal a grain rate ruling by the Canadian Transportation Agency that could take a bite out of its earnings for 2008.

CP rose C$1.57, or 2.2 percent, to C$73.26. Canadian National Railway Co CNR.TO, which also said it will appeal the decision, was up 68 Canadian cents, or 1.3 percent, at C$53.15.   Continued...