Toronto stock index turns positive after big drop

Wed Oct 8, 2008 9:49am EDT
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TORONTO Oct 8 (Reuters) - The Toronto Stock Exchange's main index turned positive in early dealings on Wednesday after a steep drop at the open, rising on strength in the materials and financial sectors.

The index fell more than 300 points at the open as investors took little comfort from coordinated interest-rate cuts by central banks around the world, including the Bank of Canada, that were designed to calm financial markets.

After about 10 minutes of trade, the S&P/TSX composite index .GSPTSE was up 5.09 points at 9,834.64.

($1=$1.10 Canadian) (Reporting by Ka Yan Ng; Editing by Peter Galloway)