UPDATE 3-Toronto stocks boosted by bounce in resources

Wed May 28, 2008 4:34pm EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

(Updates closing numbers, adds detail)

*Index climbs more than 1 percent as resources gain

*Energy sector gets boost from bounce in oil price

*Toronto-Dominion Bank edges up while profit slides

TORONTO, May 28 (Reuters) - The Toronto Stock Exchange's main index rallied on Wednesday, propelled by a rebound in resources as oil prices bounced back from an earlier retreat.

After a shaky start, the index rose more than 1 percent, heartened by a rise in heavyweight energy shares, including Canadian Oil Sands Trust COS_u.TO, which was up C$2.09, or 4.3 percent, at C$51.21.

Canadian Natural Resources (CNQ.TO: Quote) put on 95 Canadian cents, or 1 percent, to C$98.89, while the group as a whole added 1.4 percent.

The resource-laden materials sector also gave support, up 1.8 percent, with fertilizer companies Potash Corp of Saskatchewan (POT.TO: Quote) and Agrium (AGU.TO: Quote) climbing C$6.51, or 3.4 percent, to C$195.50, and C$3.98, or 4.9 percent, to C$85.30 respectively.

The S&P/TSX composite index .GSPTSE closed up 166.49 points, or 1.15 percent, at 14,688.62 with seven of its 10 main sectors higher.   Continued...