CANADA STOCKS-Resources lead rally as commodity prices rise

Tue Oct 28, 2008 11:07am EDT
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*Materials up on firmer metals prices

*Energy sector rises despite softening oil

*Manulife Financial climbs following slump

*Rogers climbs after strong quarterly results

(Adds quote, details, updates figures)

TORONTO, Oct 28 (Reuters) - The Toronto Stock Exchange's main index rose on Tuesday morning but gave back earlier gains as commodity prices softened, spurring a recovery in resource shares after Monday's steep drop.

The rise came after a sharp decline in the previous session, when the index logged its second biggest percentage drop ever and closed below 9,000 for first time in nearly four years, losing more than 300 points in the last half hour of trade.

Heavily weighted stocks that pushed the market higher on Tuesday included insurer Manulife Financial Corp (MFC.TO: Quote), which rose 1 percent, and oil company EnCana Corp (ECA.TO: Quote), which was up 1.2 percent.

Given Monday's drop, investors are shopping for beaten-down stocks, said Peter Chandler, senior vice-president at Canaccord Capital in Waterloo, Ontario.   Continued...