UPDATE 3-Toronto stocks soar on energy, miners

Wed Jul 30, 2008 5:18pm EDT
 
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* TSX index surges more than 2 percent

* Energy sector leads as oil prices advance

* Teck Cominco jumps 13.6 percent after Fording deal

By Leah Schnurr

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.

The heavyweight oil and gas group led the way higher, 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: Quote) rose 8.3 percent.

Mining shares rode higher on enthusiasm over Teck Cominco's (TCKb.TO: Quote) $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.   Continued...