June 16, 2008 / 8:43 PM / 11 years ago

UPDATE 3-Toronto stocks lifted by fertilizer firms, RIM

(Updates closing numbers, adds details)

*TSX climbs 1 percent in broad rally

*Agriculture firms boosted by record corn prices

*Research In Motion rises after Nokia unveils new phones

TORONTO, June 16 (Reuters) - The Toronto Stock Exchange’s main index rose broadly and sharply on Monday, prompted by record commodity prices early in the day and supported by gains in the financial and tech sectors.

A record high for corn prices amid widespread flooding in the U.S. Midwest pushed up shares in fertilizer companies Potash Corp of Saskatchewan POT.TO and Agrium AGU.TO, making them among the biggest gainers on the benchmark.

Potash Corp was up C$3.55, or 1.5 percent, at C$235.67, while Agrium rose C$1.84, or 1.7 percent, to C$108.30, helping push the materials group up 1.7 percent.

Tech heavyweight Research In Motion RIM.TO also lent its support, jumping C$7.42, or 5.4 percent, to C$144.21. Nokia NOK1V.HE unveiled two new business phones, but investors did not see the offerings as a threat to RIM’s BlackBerry device.

The S&P/TSX composite index .GSPTSE closed up 165.82 points, or 1.12 percent, at 14,944.28 with all but two of its 10 main sectors rising.

Oil prices hit a record high near $140 a barrel but then retreated to end lower as Saudi Arabia looked prepared to boost production.

Toronto oil and gas shares held on to a gain of 0.2 percent, with Canadian Natural Resources (CNQ.TO) up 66 Canadian cents, or 0.6 percent, at C$104.75, and Canadian Oil Sands Trust COS_u.TO gaining C$1.06, or 2 percent, to C$53.80.

EnCana Corp (ECA.TO) said it had established a leading position in gas shale ventures in Canada and the United States, lifting its stock C$1.51, or 1.6 percent, to C$95.21.

The financial sector rose 1.3 percent as U.S. investment bank Lehman Brothers Holdings Inc LEH.N posted a big quarterly loss as it had forecast last week. The sector saw some relief as investors hoped banks were coming closer to cleaning up their balance sheets.

Among Canadian banks - which generally have not seen losses as big as their foreign rivals - Canadian Imperial Bank of Commerce (CM.TO) was up C$1.40, or 2.2 percent, at C$64.85, and Toronto-Dominion Bank (TD.TO) gained 92 Canadian cents, or 1.4 percent, to C$68.77. ($1=$1.02 Canadian) (Reporting by Leah Schnurr; Editing by Peter Galloway)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below