UPDATE 2-Toronto stocks power higher on strong resources

Fri Dec 28, 2007 11:39am EST
 
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(Updates stock movement, adds details, quotes)

TORONTO Dec 28 (Reuters) - The Toronto Stock Exchange's main index rallied on Friday, boosted by resource issues that benefited from firm gold and oil prices.

Materials and energy shares led the advance, gaining 1.6 percent and 1.1 percent respectively, and pulled nearly all of the TSX's 10 main sectors up alongside.

Barrick Gold (ABX.TO: Quote) added C$1.29, or 3.3 percent, to C$40.87, while the price of gold hit a one-month high on a weak U.S. dollar and worries over the political situations in Pakistan and northern Iraq.

Potash Corp of Saskatchewan (POT.TO: Quote) was up C$1.44, or 1 percent, at C$144.43, extending Thursday's advance after the fertilizer company was upgraded by Goldman Sachs.

Energy issues climbed as the price of oil got a boost from political tensions as well as a drop in U.S. fuel inventories.

Suncor Energy (SU.TO: Quote) gained C$2.09, or 2 percent, to C$108.33.

The S&P/TSX composite index .GSPTSE was up 106.69 points, or 0.78 percent, at 13,782.26 by late morning, with eight of the 10 main groups in the positive territory.

Sal Masionis, a stockbroker at Brant Securities, said that the end of tax-loss season, where investors sell underperforming stocks to claim the losses against income taxes, was also putting some bounce in the market.   Continued...