UPDATE 1-Toronto stocks open higher on rise in oils, metals

Thu Aug 21, 2008 10:08am EDT
 
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TORONTO Aug 21 (Reuters) - The Toronto Stock Exchange's main index was sharply higher shortly after the open on Thursday as energy and materials stocks got a boost from strength in their underlying commodities.

The S&P/TSX composite index .GSPTSE was up 125.48 points, or 0.9 percent, at 13,475.12, with half of its 10 main groups higher.

The key energy and materials sectors rose 2.3 percent and 3.3 percent, respectively, on strength in oil and metals prices.

Canadian Natural Resources CNQ.TO jumped 2 percent to C$90.17, while Suncor Energy SU.TO rose 2.7 percent to C$61.52.

Copper miner First Quantum Minerals FM.TO soared 7 percent to C$74.30, and gold miner Agnico-Eagle AEM.TO was up 4.6 percent at C$60.39.

Financial services led the laggards, down 0.8 percent, due to persistent concerns over U.S. mortgage giants Fannie Mae FNM.N and Freddie Mac FRE.N. ($1=$1.05 Canadian) (Reporting by Jennifer Kwan; Editing by Peter Galloway)