April 4, 2008 / 8:49 PM / 11 years ago

UPDATE 2-Resources help Toronto stocks end week higher

(Updates with official closing numbers, details)

TORONTO, April 4 (Reuters) - The Toronto Stock Exchange’s main index ended the week on a strong note on Friday, lifted by energy and materials shares that followed the lead of rallying commodity prices.

Resource companies led the upside, helping Bay Street mount its fifth day of advances in a row.

Potash Corp of Saskatchewan POT.TO was among the biggest gainers, lifted by strong earnings by U.S. fertilizer producer Mosaic Co (MOS.N) amid surging demand and prices for potash and phosphates.

Mosaic is a stakeholder in Canpotex, the exporter and distributor for Saskatchewan potash producers, along with Potash Corp and Agrium AGU.TO. Shares of Potash jumped C$3.90, or 2.3 percent, to C$172.57, while Agrium was up C$3.26, or 4.9 percent, at C$70.01.

The resource-laden materials sector rose 2.6 percent, as shares of miners also climbed.

Inmet Mining IMN.TO added C$3.10, or 3.7 percent, to C$87.00, and Teck Cominco TCKb.TO was up C$1.51, or 3.5 percent, at C$45.30. Teck confirmed late on Thursday that it had agreed to contract terms for zinc treatment charges with smelter Korea Zinc (010130.KS).

The S&P/TSX composite index .GSPTSE closed up 116.90 points, or 0.86 percent, at 13,668.19 with six of its 10 main groups higher. The benchmark was up 3.3 percent for the week, in which it closed every session higher.

Oil and gas shares added to the momentum, gaining 1.9 percent, while the price of crude advanced as the U.S. dollar fell following weak U.S. jobs data.

Suncor Energy (SU.TO) rose C$2.94, or 2.9 percent, to C$102.99, and Canadian Natural Resources (CNQ.TO) was up C$1.98, or 2.8 percent, at C$72.38.

Shares of Draxis Health DAX.TO added C$1.00, or 20.2 percent, to C$5.94 after India’s Jubilant Organosys JUBO.BO said it would buy the Canadian company for about $255 million.

$1=$1.01 Canadian Reporting by Leah Schnurr; editing by Rob Wilson

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