Toronto stocks edge up as banks recover, BCE drops

Thu May 22, 2008 10:08am EDT
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TORONTO May 22 (Reuters) - The Toronto Stock Exchange's main index edged higher on Thursday after a big loss the day before as the financial sector bounced back from a three-session decline and bargain-hunters shopped for resource shares.

The rise would have been more pronounced if not for a sharp drop in heavyweight BCE Inc (BCE.TO: Quote), which was down more than 13 percent, after a court ruling cast doubt on the telecom giant's proposed sale to a buyout group led by Ontario Teachers' Pension Plan.

The S&P/TSX composite index .GSPTSE was up 39.43 points, or 0.3 percent, at 14,829.80. All 10 sectors advanced except the telecoms group, which fell 1.8 percent.

Financial institutions rose 0.4 percent, with Toronto-Dominion Bank (TD.TO: Quote) up 70 Canadian cents at C$67.80.

The energy sector was up slightly as oil hovered near $134 a barrel, and materials stocks added 1 percent.

The TSX plunged 1.7 percent on Wednesday, hit hard by profit-taking in a late-day selloff.

($1=$0.98 Canadian) (Reporting by Jonathan Spicer; Editing by Peter Galloway)