Toronto stocks edge higher in wake of firm oil

Fri May 23, 2008 9:50am EDT
 
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TORONTO May 23 (Reuters) - The Toronto Stock Exchange's main index gained early on Friday with energy issues enjoying bullish oil and gas prices, while profit-taking hit a mixed bag of other shares.

The S&P/TSX composite index .GSPTSE was up 24.45 points, or 0.2 percent, at 14,816.81 shortly after the open.

With U.S. crude rebounding above $133 a barrel, and natural gas on positive terrain, the TSX energy sector jumped 0.9 percent. EnCana (ECA.TO: Quote) added 84 Canadian cents to C$93.78.

Gold producers also rose, emboldened by a jump in the spot gold price. Goldcorp (G.TO: Quote), Canada's second-biggest producer, was up 71 Canadian cents at C$42.00.

The TSX is near the record high it logged earlier this week, spurring some investors to lock in profits in the financial and telecom groups.

Index heavyweight Potash Corp of Saskatchewan (POT.TO: Quote) dropped 98 Canadian cents to C$195.82, while Rogers Communication (RCIb.TO: Quote) was off 74 Canadian cents at C$43.51.

($1=$0.98 Canadian) (Reporting by Jonathan Spicer; editing by Renato Andrade)