May 28, 2008 / 6:08 PM / 11 years ago

UPDATE 2-Toronto stocks rally as commodities push higher

(Adds details)

* Key index rises 100 points in afternoon rally

* Fertilizer producers lead the way

* Bank issues mixed

TORONTO, May 28 (Reuters) - Toronto’s main stock market index staged a mid-afternoon rally on Wednesday, helped by buoyant materials and energy shares.

The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE was up 115.19 points, or 0.8 percent, at 14,637.65.

Eight of the TSX index’s 10 main groups were higher, led by a 1.2 percent climb in the resource-heavy materials group and a 0.5 percent boost from the energy group. Heavily weighted financial shares added 0.6 percent.

The rebound comes one day after the index dropped 236.44 points, or 1.6 percent, to 14,522.13.

The country’s top fertilizer producers Potash Corp POT.TO and Agrium AGU.TO were leading the way higher. Potash Corp was up C$6.01 at C$195.00 and Agrium added C$2.93 to C$84.25.

Oil shares were helped higher by a surging U.S. crude oil price, which was up 1.2 percent at $130.45 a barrel.

Talisman Energy TLM.TO, which rose earlier in the week on reports that CNOOC Ltd (0883.HK), China’s third-largest oil company, was in talks to buy some of its assets, added 25 Canadian cents to C$23.19. Husky Energy (HSE.TO) rose 52 Canadian cents to C$50.87.

Financial issues were mixed on more weak results from one of the country’s biggest banks.

Toronto-Dominion Bank (TD.TO) was down 19 Canadian cents at C$68.25 after it said its second-quarter profit fell 3 percent, hit by weak capital markets and restructuring charges for its recent U.S. acquisition, Commerce Bancorp.

However, Bank of Nova Scotia (BNS.TO) (BNS.TO), which reported weaker results on Tuesday, was up C$1.32 at C$48.97, and Royal Bank of Canada (RY.TO), the country’s biggest bank, was up 17 Canadian cents at C$49.15. ($1=$0.99 Canadian) (Reporting by Scott Anderson; Editing by Peter Galloway)

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