Toronto stock index up 100 pts on resources, banks

Wed Oct 8, 2008 9:58am EDT
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TORONTO Oct 8 (Reuters) - The Toronto Stock Exchange's main index jumped more than 100 points 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 initially 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.

But after about 20 minutes of trade, the S&P/TSX composite index .GSPTSE was up 130.63 points, or 1.33 percent, at 9,960.16.

($1=$1.11 Canadian) (Reporting by Ka Yan Ng; Editing by Peter Galloway)