June 3, 2008 / 3:10 PM / 11 years ago

UPDATE 1-Toronto stock index up 100 points despite weak oil

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* Toronto stocks jump 100 points after opening lower

* Materials and energy shares lead way higher

* Potash Corp up 3.9 pct

TORONTO, June 3 (Reuters) - Toronto’s main stock market index climbed more than 100 points at midmorning on Tuesday, boosted by rises in fertilizer producers Potash Corp and Agrium Inc, while oil shares also contributed despite falling oil prices.

The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE was up 100.97 points, or 0.7 percent, at 14,915.15.

Six of the TSX index’s 10 main groups were higher, led by a 1.8 percent boost in the resource-heavy materials group and a 0.7 percent rise in energy shares.

Potash Corp POT.TO led all stocks higher with a gain of C$8.22 to C$211.59. Agrium Inc AGU.TO rose C$4.06 to C$91.40.

“The Canadian market has largely been captivated (over the past few months) by what is happening in oil and to some extent fertilizer and other commodities and it’s the same today,” said Michael Sprung, president of Sprung and Co Investment Counsel.

Energy companies rose despite a 1 percent drop in U.S. crude oil to $126.47 a barrel after the U.S. Federal Reserve said a weak U.S. dollar stoked inflation in the United States, the world’s biggest energy consumer.

Among the oil companies on the rise were EnCana Corp (ECA.TO), which added C$1.24 to C$92.15, and Petro-Canada PCA.TO, which rose 58 Canadian cents to C$58.99.

Offsetting the gains was a 0.5 percent dip among consumer discretionary shares after General Motors Corp (GM.N) said it planned to close four plants including one in Canada.

Magna International MGa.TO, Canada’s biggest auto-parts maker, was down 77 Canadian cents at C$70.22, and Linamar Corp (LNR.TO) slipped 8 Canadian cents to C$16.91.

Among individual shares, yogawear maker Lululemon Athletica LLL.TO dropped C$2.10 to C$30.54 after it lowered its profit forecast slightly for the rest of the year on Monday despite a doubling of its first-quarter profit. ($1=$1.00 Canadian) (Reporting by Scott Anderson; Editing by Peter Galloway)

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