UPDATE 2-Toronto stocks boosted by firm resources, BCE

Mon Jun 23, 2008 4:39pm EDT
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(Updates closing numbers, adds details, quotes)

* TSX pushes higher as commodities gain

* BCE climbs after court decision backs buyout

* CIBC slips after analyst note calls for writedowns

TORONTO, June 23 (Reuters) - The Toronto Stock Exchange's main index kicked off the week by surging higher on Monday, buoyed by firm oil prices and a jump by BCE Inc (BCE.TO: Quote) after Canada's top court backed the buyout of the telecom company.

However, late in the day sources said the banks funding the BCE buyout have asked for significant concessions and have considered altering or dropping the C$34.8 billion ($34.3 billion) deal.

BCE stock eased from its intraday highs to close up C$1.98, or 5.7 percent, at C$36.58 on a volume of nearly 30 million shares.

Resource issues underpinned the benchmark's rise, while the price of oil climbed as concerns over supply eclipsed Saudi Arabia's promise to raise output.

"The commodities are continuing to do well," said Paul Harris, portfolio manager at Avenue Investment Management in Toronto.   Continued...