January 3, 2008 / 7:18 PM / 11 years ago

UPDATE 2-Toronto stocks surge on back of firm resources

(Updates to afternoon)

TORONTO, Jan 3 (Reuters) - The Toronto Stock Exchange’s main index was up more than 100 points on Thursday afternoon, riding the momentum of surging materials and energy shares, which were yanked higher by a bullish commodity market.

Barrick Gold (ABX.TO) and oil company EnCana Corp (ECA.TO) led the charge among Canadian commodity producers, with the materials sector up 2.8 percent and the energy sector up 1.5 percent.

The TSX gold-mining sub-sector soared 4.2 percent as spot bullion prices reached another record high at $868 an ounce. Energy issues rose as U.S. crude oil punched well through the key $100 a barrel level in afternoon action.

The S&P/TSX composite index .GSPTSE was up 106.83 points, or 0.8 percent, at 14,033.59 at midafternoon, yet only three of its 10 main sectors were in positive territory.

Barrick, the world’s biggest gold producer, hit a record high at C$48.75 a share before edging back to C$48.53, still up C$2.87 on the day.

Goldcorp (G.TO), Canada’s second-biggest producer of the precious metal, was up C$1.53 at C$37.86.

Violence in OPEC-member Nigeria, coupled with colder temperatures and a steep dip in crude oil inventories in the United States, helped to pull oil to the record high. For details, see: [nSP45898]

No. 1 Canadian oil and gas producer EnCana rose C$1.52 to C$70.77, while Suncor Energy (SU.TO), the second-biggest listing in the TSX energy sector, was up C$1.73 at C$111.34.

On the downside, telecoms slipped 0.7 percent, the consumer discretionary sector fell 0.5 percent and the financials group, the index’s biggest sector by weight, was off 0.4 percent. ($1=$0.99 Canadian) (Reporting by Jonathan Spicer; Editing by Peter Galloway)

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