UPDATE 1-Toronto stocks rise, paced by firmer oil
August 20th, 2008 | by admin |(Adds details)
TORONTO, Aug 20 (Reuters) - The Toronto Stock Exchange’smain 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, withsix of its 10 main groups higher.
The key energy and materials sectors rose 3.2 percent and2.2 percent, respectively, as oil prices firmed ahead of therelease of U.S. oil stockpile data. Bullion prices were littlechanged.
EnCana Corp (ECA.TO: Quote, Profile, Research, Stock Buzz) was up 1.9 percent to C$73.66, whileCanadian Natural Resources (CNQ.TO: Quote, Profile, Research, Stock Buzz) rose 4.4 percent toC$85.91.
In metals, Goldcorp Inc (G.TO: Quote, Profile, Research, Stock Buzz) jumped 3.9 percent toC$34.95, while Yamana Gold Inc (YRI.TO: Quote, Profile, Research, Stock Buzz) was up 2.5 percent atC$11.31.
Among the laggards were financial-services stocks, down 0.9percent, extending their tumble from Tuesday as investorscontinued to be concerned over more fallout from the creditcrunch.
Royal Bank of Canada (RY.TO: Quote, Profile, Research, Stock Buzz) slipped 0.7 percent toC$44.71.
Open Text Corp (OTC.TO: Quote, Profile, Research, Stock Buzz)(OTEX.O: Quote, Profile, Research, Stock Buzz) rose 1 percent to C$36.73.After the market close on Tuesday, Open Text reported aquarterly profit that beat analysts’ expectations as higherlicense and customer support revenue boosted results.[nN19318574]. ($1=$1.06 Canadian) (Reporting by Jennifer Kwan; Editing by Peter Galloway)
