UPDATE 2-Toronto stocks yanked higher by resources

Wed Jul 30, 2008 4:45pm EDT
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

(Updates closing numbers, adds details)

*TSX index surges more than 2 percent

*Energy sector leads as oil prices advance

*Teck Cominco jumps 13.6 percent after Fording deal

TORONTO, July 30 (Reuters) - The Toronto Stock Exchange's main index jumped more than 2 percent on Wednesday, spurred by resource issues, especially the energy sector, which rallied along with oil prices.

Mining shares rode higher on enthusiasm over Teck Cominco's TCKb.TO $14.1 billion takeover bid for Fording Canadian Coal Trust FDG_u.TO on Tuesday.

Teck surged 13.6 percent as investors applauded the deal, while the subindex of miners gained 4.7 percent on optimism there would be more M&A activity in the sector.

The heavyweight oil and gas group led the way up, buoyed by a more than $4 rise in crude after U.S. government data showed an unexpected drop in gasoline stocks. Suncor Energy SU.TO rose 8.3 percent.

The S&P/TSX composite index .GSPTSE closed up 340.66 points, or 2.55 percent, at 13,683.21 with all but one of its 10 main sectors pushing higher.   Continued...