Golds, oils lift Toronto stock index

Fri Jun 27, 2008 5:29pm EDT
 
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By Cameron French

TORONTO (Reuters) - The Toronto Stock Exchange's main index ended with a moderate gain on Friday as resource issues were propped up by gold and oil prices, while the rest of the market followed the lead of sliding U.S. stocks.

Oil prices hit a record high near $143 a barrel, spurring fears of inflation and economic malaise, which in turn helped push gold prices near $930 an ounce.

"We had oil, gold, and even potash up, and that's pretty much the story. They made up for the declines in the financials," said John Kinsey, portfolio manager at Caldwell Securities.

The S&P/TSX composite index .GSPTSE rose 63.07 points, or 0.44 percent, to finish at 14,355.21.

But eight of the 10 TSX subgroups weakened, with strength focused in materials, up 2.87 percent, and energy issues, which rose 0.88 percent.

Gold heavyweight Barrick Gold ABX.TO climbed C$2.28, or 5.3 percent, to C$45.74, while Eldorado Gold ELD.TO gained 52 Canadian cents, or 6.4 percent, to C$8.68.

Fertilizer producer Potash Corp POT.TO, one of the largest stocks on the index, rose C$7.77, or 3.5 percent, to end at C$230.26.

The financials group fell 0.61 percent, hurt by nagging concerns over further fallout from the credit crunch.   Continued...