August 1, 2008 / 1:51 PM / 11 years ago

Toronto stocks open higher on oil and gas stocks

TORONTO, Aug 1 (Reuters) - The Toronto Stock Exchange’s main index opened higher on Friday, pulled up by energy issues, which offset a slump in Nortel Networks Corp NT.TO.

The S&P/TSX composite index .GSPTSE was up 62.54 points, or 0.5 percent, at 13,655.45, with seven of its 10 main groups higher.

Energy stocks led the way, up 1.6 percent.

Telecom equipment maker Nortel reported a quarterly loss that tripled from the same time last year, hurt by restructuring charges and currency exchange issues.

It also warned that a tough U.S. market is continuing to constrict wireless spending by carriers.

Shares of Nortel were down 14 percent at C$6.75. ($1=$1.03 Canadian) (Reporting by Jennifer Kwan; Editing by Scott Anderson)

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