UPDATE 3-Toronto stocks buoyed by earnings from resources

Fri Jul 25, 2008 5:19pm EDT
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* TSX up 1 percent on day, down 1 percent on week

* Resource sectors boosted by strong earnings

* Loblaw down after profit disappoints

By Leah Schnurr

TORONTO, July 25 (Reuters) - The Toronto Stock Exchange's main index rose 1 percent on Friday, with resource shares climbing on strong earnings from the energy and materials sectors, but the index still recorded its seventh weekly decline in a row.

Among the leaders in the oil patch, Suncor Energy SU.TO gained 4 percent, and Petro-Canada PCA.TO rose 2.6 percent, after both companies reported a jump in profit on Thursday.

The sector held up in the face of a $2.23 drop that took crude to $123.26 a barrel on Friday, racking up a decline of more than $23 in two weeks on concerns over faltering demand.

The materials sector, home to resource shares, also saw gains after this week's quarterly results from Potash Corp of Saskatchewan POT.TO, which rose 4.6 percent, and Fording Canadian Coal Trust FDG_u.TO, which gained 5.8 percent.   Continued...