UPDATE 3-Toronto stocks buoyed by earnings from resources
(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...