June 30, 2008 / 7:29 PM / 11 years ago

UPDATE 2-Toronto stocks boosted by rising resource shares

(Updates to midafternoon)

*TSX index jumps 100 points on strong resource shares

*Index buoyed by earlier record high for oil

*BCE falls after report that buyout could be delayed

TORONTO, June 30 (Reuters) - The Toronto Stock Exchange’s main index was sharply higher on Monday afternoon with resource shares strengthened by record high oil prices.

Energy companies were upside leaders, heartened by a new high above $143 a barrel for oil due to worries over tensions between Israel and Iran.

On the downside, BCE (BCE.TO) fell C$1.24, or 3.4 percent, to C$35.52, after a newspaper report said that the buyout of the company could be delayed until the end of the year. BCE has said it aims to close the deal in the third quarter.

The S&P/TSX composite index .GSPTSE was up 100.91 points, or 0.7 percent, at 14,456.12 with less than an hour to go before the closing bell. Of its 10 main sectors, all but three were pushing higher.

Banks lost 1.1 percent, taking their cue from financials south of the border amid lingering concerns over the fallout from the credit crunch. Canadian Imperial Bank of Commerce (CM.TO) was down C$2.27, or 3.9 percent, at C$55.97, and Bank of Montreal (BMO.TO) fell 88 Canadian cents, or 2.1 percent, to C$41.95.

The materials sector, home to resource shares, climbed 1.9 percent with help from gold producers and other miners.

Agnico-Eagle (AEM.TO) rose C$1.55, or 2.1 percent, to C$76.10, while fertilizer company Agrium AGU.TO gained C$3.13, or 2.9 percent, to C$111.23.

In the oil patch, Canadian Natural Resources (CNQ.TO) rose C$2.34, or 2.3 percent, to C$102.80, and Canadian Oil Sands Trust COS_u.TO added 98 Canadian cents, or 1.8 percent, to C$54.18.

The telecoms sector fell 1 percent, hurt by the declines in shares of BCE.

Volume was light ahead of Tuesday’s Canada Day holiday. ($1=$1.02 Canadian) (Reporting by Leah Schnurr; Editing by Peter Galloway)

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