UPDATE 1-Toronto stocks open higher on rise in oils, metals
August 21st, 2008 | by admin |(Adds details)
TORONTO, Aug 21 (Reuters) - The Toronto Stock Exchange’smain index was sharply higher shortly after the open onThursday as energy and materials stocks got a boost fromstrength in their underlying commodities.
The S&P/TSX composite index .GSPTSE was up 125.48 points,or 0.9 percent, at 13,475.12, with half of its 10 main groupshigher.
The key energy and materials sectors rose 2.3 percent and3.3 percent, respectively, on strength in oil and metalsprices.
Canadian Natural Resources (CNQ.TO: Quote, Profile, Research, Stock Buzz) jumped 2 percent toC$90.17, while Suncor Energy (SU.TO: Quote, Profile, Research, Stock Buzz) rose 2.7 percent toC$61.52.
Copper miner First Quantum Minerals (FM.TO: Quote, Profile, Research, Stock Buzz) soared 7percent to C$74.30, and gold miner Agnico-Eagle (AEM.TO: Quote, Profile, Research, Stock Buzz) was up4.6 percent at C$60.39.
Financial services led the laggards, down 0.8 percent, dueto persistent concerns over U.S. mortgage giants Fannie Mae(FNM.N: Quote, Profile, Research, Stock Buzz) and Freddie Mac (FRE.N: Quote, Profile, Research, Stock Buzz). ($1=$1.05 Canadian) (Reporting by Jennifer Kwan; Editing by Peter Galloway)
