UPDATE 3-Toronto stocks buoyed by earnings from resources

Fri Jul 25, 2008 5:19pm EDT
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(Adds details, quotes)

* 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: Quote) 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: Quote), which rose 4.6 percent, and Fording Canadian Coal Trust FDG_u.TO, which gained 5.8 percent.   Continued...