UPDATE 1-Financials, Goldcorp help lift Toronto stocks

Thu Jul 31, 2008 11:32am EDT
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* TSX supported by financials, merger news

* Goldcorp to buy Gold Eagle Mines for C$1.5 bln

* Energy stocks fall with oil price retreat

TORONTO, July 31 (Reuters) - The Toronto Stock Exchange's main index regained early losses to move slightly higher on Thursday morning, pulled up by stronger financials and merger news in the gold mining sector.

Energy stocks, which fell 1.8 percent as oil eased to around $124 a barrel, had earlier helped drive the TSX down by 100 points.

Imperial Oil Ltd (IMO.TO: Quote) slipped 75 Canadian cents, or 1.5 percent, to C$50.83. Canada's No. 2 oil exploration and refining firm is expected to report quarterly results later in the day.

"I think we had a good jump yesterday," said Michael Sprung, president at Sprung & Co. Investment Counsel of the index's 340-point rise on Wednesday. "It opened up with a lot of people trying to get ahead and taking profits."

The S&P/TSX composite index .GSPTSE was up 11.38 points, or 0.08 percent, at 13,694.59, with six of its 10 main groups higher.   Continued...