May 28, 2008 / 8:38 PM / 11 years ago

UPDATE 3-Toronto stocks boosted by bounce in resources

(Updates closing numbers, adds detail)

*Index climbs more than 1 percent as resources gain

*Energy sector gets boost from bounce in oil price

*Toronto-Dominion Bank edges up while profit slides

TORONTO, May 28 (Reuters) - The Toronto Stock Exchange’s main index rallied on Wednesday, propelled by a rebound in resources as oil prices bounced back from an earlier retreat.

After a shaky start, the index rose more than 1 percent, heartened by a rise in heavyweight energy shares, including Canadian Oil Sands Trust COS_u.TO, which was up C$2.09, or 4.3 percent, at C$51.21.

Canadian Natural Resources (CNQ.TO) put on 95 Canadian cents, or 1 percent, to C$98.89, while the group as a whole added 1.4 percent.

The resource-laden materials sector also gave support, up 1.8 percent, with fertilizer companies Potash Corp of Saskatchewan POT.TO and Agrium AGU.TO climbing C$6.51, or 3.4 percent, to C$195.50, and C$3.98, or 4.9 percent, to C$85.30 respectively.

The S&P/TSX composite index .GSPTSE closed up 166.49 points, or 1.15 percent, at 14,688.62 with seven of its 10 main sectors higher.

Bank reporting season continued with Toronto-Dominion Bank (TD.TO) posting a decline in second-quarter profit, hit by restructuring charges and a profit drop at its wholesale banking unit due to the credit crunch. Shares of TD edged up 26 Canadian cents, or 0.4 percent, to C$68.70.

The financial sector added 0.7 percent, with help from Bank of Nova Scotia (BNS.TO), which regained C$1.14, or 2.4 percent, to C$48.79 the day after it reported lower profit and higher provisions for credit losses.

Laurentian Bank (LB.TO) gained 57 Canadian cents, or 1.4 percent, to C$41.82 after it said its profit rose due to growth in its loan and deposit portfolios.

Shares of Sears Canada SCC.TO jumped C$1.70, or 7.2 percent, to C$25.20 after Canada’s second-biggest department store chain said a property sale gain offset declining same-store sales and lifted its first-quarter profit. ($1=$0.99 Canadian) (Reporting by Leah Schnurr; Editing by Peter Galloway)

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