REFILE-UPDATE 5-Toronto stocks rise as commodity prices strength

Thu Aug 21, 2008 5:24pm EDT
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(Refiles to fix Nortel Networks stock symbol in second-last paragraph)

* Main Toronto stock index rallies 1.4 percent

* Higher commodity prices boost energy, resource shares

* Financials, flat on the day, continue to struggle (Adds comments, details, official data)

By Wojtek Dabrowski

TORONTO, Aug 21 (Reuters) - The main index of the Toronto Stock Exchange finished about 1.4 percent higher on Thursday as energy and materials producers rallied on the back of stronger commodities.

The price of U.S. crude hit $121.18 a barrel, up $5.62, driven by rising tensions between the United States and energy-rich Russia. In the oil patch, Petro-Canada PCA.TO climbed more than 3 percent to C$47.93.

Gold rose above $830 an ounce as the U.S. dollar weakened. Agnico-Eagle Mines AEM.TO jumped 5.2 percent to end at C$60.75.

"(There was) a huge rebound today in commodity prices, so no surprise, the TSX is doing great," said Kate Warne, Canadian market strategist at Edward Jones.   Continued...