UPDATE 1-Banks, resources lead Toronto stocks higher

Mon Mar 24, 2008 10:00am EDT
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TORONTO, March 24 (Reuters) - Toronto's main stock market index jumped more than 100 points near the start on Monday as firm gold and financial shares helped investors shake off last week's dismal performance.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was up 122.39 points, or 1 percent, at 12,898.03.

All 10 of the TSX index's main groups rose, led by a 1.2 percent gain in the heavily weighted financial shares and a 1.6 percent boost in the commodity-leaden materials group. The gold subsector was up 0.6 percent.

This follows a disappointing performance last week when the key index dived 3.6 percent amid weak commodities and uncertainty about the health of the global economy.

Potash Corp POT.TO added C$5.41 to C$152.98 and Canadian Imperial Bank of Commerce CM.TO gained C$1.30 to C$65.56. ($1=$1.02 Canadian) (Reporting by Scott Anderson; Editing by Bernadette Baum)