May 15, 2008 / 2:35 PM / 11 years ago

UPDATE 1-Toronto stocks rise, resources lead the pack

(Adds details, analyst’s comments)

*Rising commodities lift resource shares

*TSX at record high

*Lundin Mining rises after quarterly results

TORONTO, May 15 (Reuters) - The Toronto Stock Exchange’s main index jumped to another record high on Thursday morning as hot commodity prices pushed materials and energy shares higher.

A falling U.S. dollar helped to boost the prices of crude oil and spot gold, lifting the TSX energy sector 1 percent, and the TSX gold subsector 2.7 percent.

Natural gas and most base metals were also higher, adding further leverage to resource shares, which account for nearly half the overall Canadian benchmark.

“So much depends on commodity prices, which affects our market more than almost any other one that I know of,” said Fred Ketchen, director of equity trading at ScotiaMcLeod.

The S&P/TSX composite index .GSPTSE was up 111.36 points, or 0.8 percent, at 14,737.67, with six of its 10 main groups in positive territory.

The Toronto market in recent weeks has benefited from continued strength in commodity prices, with the financial sector pitching in over the past few days. It was up 0.6 percent on Thursday morning.

Overall leaders were fertilizer firm Potash Corp of Saskatchewan POT.TO, up C$4.74 at C$203.96, and oil company Suncor Energy (SU.TO), up C$1.13 at C$64.50.

In the metals and mining subsector, which rose 1.8 percent, Lundin Mining (LUN.TO) climbed 53 Canadian cents to C$8.23 after the company said its quarterly profit jumped 51 percent. For details, see: [nN15276825]

On Thursday morning, resource producers represented the top 12 weighted gainers on the TSX. ($1=$1.00 Canadian) (Reporting by Jonathan Spicer; Editing by Peter Galloway)

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