UPDATE 2-Toronto stocks soar on commodity price rally

Fri May 30, 2008 3:35pm EDT
 
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(Updates to late afternoon)

* Index climbs 200 points in late session surge

* Resources shares climb with commodity prices

TORONTO, May 30 (Reuters) - The Toronto Stock Exchange's main index charged higher on Friday, helped by a broad afternoon rally that was sparked by advancing resources as commodity prices firmed.

Resource companies led the way up, as the energy and materials sectors gained 2.1 percent and 2.5 percent, while crude finished a choppy session higher, and gold and other metals rose.

Canadian Natural Resources CNQ.TO was up C$2.72, or 2.9 percent, at C$97.97, while in the gold space, Agnico-Eagle Mines AEM.TO put on C$2.55, or 3.8 percent, to C$70.51.

The S&P/TSX composite index .GSPTSE was up 213.15 points, or 1.46 percent, at 14,790.32 with less than an hour before the closing bell. All but two of its 10 main sectors were higher.

Fertilizer companies Potash Corp of Saskatchewan POT.TO and Agrium AGU.TO also helped the materials sector, adding C$3.59, or 1.9 percent, to C$198.17, and C$2.67, or 3.2 percent, to C$86.22 each.

The large financial sector also added its support, rising 1 percent following a week of results from the major banks. Toronto-Dominion Bank TD.TO rose C$1.95, or 2.8 percent, to C$71.90, and National Bank of Canada NA.TO gained C$1.33, or 2.5 percent, to C$54.41.

The small health and tech sectors were the only two groups on the downside, both dipping 0.2 percent. ($1=$0.99 Canadian) (Reporting by Leah Schnurr; editing by Rob Wilson)