UPDATE 2-Toronto stocks get lift from surge in oil prices

Fri Apr 25, 2008 4:35pm EDT
 
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(Updates with official closing numbers, adds details)

TORONTO, April 25 (Reuters) - The Toronto Stock Exchange's main index drove higher on Friday, helped by oil and other resource companies as crude prices surged amid supply disruptions and geopolitical tension.

Gains in its energy sector helped the resource-heavy benchmark climb more than 130 points, while Suncor Energy (SU.TO: Quote) was up C$2.99, or 2.6 percent, at C$117.27, and Canadian Natural Resources (CNQ.TO: Quote) added C$2.31, or 2.8 percent, to C$85.56.

Overall, the sector rose 2.2 percent as crude, a key underlying commodity, rallied in the wake of supply disruptions in Nigeria and the North Sea. Further tensions between Iran and the United States also helped push up oil $2.46 to $118.52 a barrel.

The S&P/TSX composite index .GSPTSE closed up 137.54 points, or 0.98 percent, at 14,103.87 with six of its 10 main sectors rising.

High-flying fertilizer companies Potash Corp of Saskatchewan (POT.TO: Quote) and Agrium (AGU.TO: Quote) extended their recent surge on growing demand and record prices for fertilizer.

Potash Corp vaulted C$13.50, or 6.9 percent, to C$210.40, and Agrium rose C$4.44, or 5.2 percent, to C$90.30.

The materials sector climbed 2.5 percent, while its gold producers subindex added 1.8 percent. Agnico-Eagle Mines (AEM.TO: Quote) was up C$1.09, or 1.8 percent, at C$63.35, and Goldcorp (G.TO: Quote) advanced 59 Canadian cents, or 1.6 percent, to C$37.34.

Aurelian Resources ARU.TO rallied 97 Canadian cents, or 29.6 percent, to C$4.25 on news that Ecuador's president has met with a group of Canadian miners with concessions in the country to reassure them about the future of mining there.   Continued...