UPDATE 1-Toronto stocks rise on oils, other commodities

Fri Jun 27, 2008 10:52am EDT
 
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(Updates to midmorning)

*TSX climbs slightly higher after choppy open

*Resources gain along with commodity prices

*Financials drag due to credit crunch woes

TORONTO, June 27 (Reuters) - The Toronto Stock Exchange's main index climbed higher at midmorning on Friday after an uncertain start, propped up by resource issues amid higher prices for oil and other commodities.

A record high for oil, as well as advances in other commodities helped support the heavyweight resource sector, but gains were hampered as worries crept in over the impact of high commodities prices on the economy.

The large financial group weighed to the downside, hurt by nagging concerns over further fallout from the credit crunch.

Research In Motion RIM.TO was the biggest net loser, shedding C$5.74, or 4.6 percent, to C$119.40 following a sharp fall on Thursday.

"It would have been nice to see a little more air under the wings today (but) people are pretty bugged by the energy price," said Rick Hutcheon, president and chief operating officer at RKH Investments.   Continued...