November 7, 2008 / 9:54 PM / 10 years ago

CANADA STOCKS-TSX gets boost from firmer resources

* Resources help lead market up modest 40 points

* Index down 1.7 percent for the week

* Telus Corp sags as profit falls, forecast cut (Adds official closing numbers, quote, details)

TORONTO, Nov 7 (Reuters) - The Toronto Stock Exchange’s main index edged higher on Friday after two days of heavy losses, as commodity issues benefited from firmer oil and gold prices and investors paused to reassess the market’s direction.

The energy sector climbed 1 percent as oil ticked higher to $61.04 a barrel, although it had fallen at one point on a bleak U.S. October jobs report. [ID:nSYD358229] Canadian Natural Resources (CNQ.TO) was up 1.2 percent at C$54.04.

The resource-laden materials sector was up 2.5 percent.

Other heavily weighted stocks that helped push the market higher included Manulife Financial (MFC.TO), up 2.6 percent at C$26.00, BCE Inc (BCE.TO), which climbed 2.2 percent at C$37.28, while Royal Bank of Canada (RY.TO), rose 1.4 percent to C$47.35.

“After the last couple of days where oil prices have dropped and everyone had become pessimistic on global growth we’re sort of taking a pause as the market reassesses how negative are things really, and how bad will it get,” said Kate Warne, Canadian market strategist at Edward Jones in St. Louis, Missouri.

“After you see times when sentiment gets negative the market will swing in the other direction. I think fatigue is setting in,.” Warne said.

The S&P/TSX composite index .GSPTSE closed up 40.80 points, or 0.43 percent, at 9,596.21, with four of its 10 main groups higher. The rise comes after two days of losses totaling 561 points.

The index was down 1.7 percent on the week.

In earnings, Telus Corp (T.TO) was among the top net losers, down 3.7 percent at C$39.29, as it posted a lower quarterly profit and cut its revenue and profit forecasts for the year. [ID:nN07389762] ($1=$1.19 Canadian) (Reporting by Jennifer Kwan; editing by Rob Wilson)

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