August 20, 2008 / 2:20 PM / 10 years ago

UPDATE 1-Toronto stocks rise, paced by firmer oil

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TORONTO, Aug 20 (Reuters) - The Toronto Stock Exchange’s main index rose on Wednesday morning, paced by energy shares, which were up on firmer oil prices.

Shortly after the open, the S&P/TSX composite index .GSPTSE was up 137 points, or 1.1 percent, at 13,200.85, with six of its 10 main groups higher.

The key energy and materials sectors rose 3.2 percent and 2.2 percent, respectively, as oil prices firmed ahead of the release of U.S. oil stockpile data. Bullion prices were little changed.

EnCana Corp (ECA.TO) was up 1.9 percent to C$73.66, while Canadian Natural Resources (CNQ.TO) rose 4.4 percent to C$85.91.

In metals, Goldcorp Inc (G.TO) jumped 3.9 percent to C$34.95, while Yamana Gold Inc (YRI.TO) was up 2.5 percent at C$11.31.

Among the laggards were financial-services stocks, down 0.9 percent, extending their tumble from Tuesday as investors continued to be concerned over more fallout from the credit crunch.

Royal Bank of Canada (RY.TO) slipped 0.7 percent to C$44.71.

Open Text Corp OTC.TO(OTEX.O) rose 1 percent to C$36.73. After the market close on Tuesday, Open Text reported a quarterly profit that beat analysts’ expectations as higher license and customer support revenue boosted results. [nN19318574]. ($1=$1.06 Canadian) (Reporting by Jennifer Kwan; Editing by Peter Galloway)

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