Do More With Reuters

UPDATE 2-Toronto stocks pulled sharply higher by resources

Fri May 16, 2008 2:33am IST
 
Email | Print | | Single Page
[-] Text [+]

(Updates with official closing numbers, adds details)

*Index closes at record high

*Resource and financial sectors rally

TORONTO, May 15 (Reuters) - The Toronto Stock Exchange's main index popped up more than 1 percent on Thursday, propelled further into record high territory by strong resource and financial shares.

Inmet Mining (IMN.TO: Quote, Profile, Research) was the biggest net gainer on the day, rising C$6.25, or 9.3 percent, to C$73.75. Fertilizer company Potash Corp of Saskatchewan (POT.TO: Quote, Profile, Research) was also among the leaders, finishing up C$5.28, or 2.7 percent, at C$204.50.

Gold producers also jumped, benefiting from rising gold prices. Agnico-Eagle Mines (AEM.TO: Quote, Profile, Research) was up C$3.38, or 5.3 percent, at C$67.29, while the subindex gained 3.6 percent.

The S&P/TSX composite index .GSPTSE closed up 201.75 points, or 1.38 percent, at 14,828.06 with all but one of its 10 main sectors moving higher.

The surge helped the benchmark climb further into record territory, continuing the week's trend after it broke last summer's record high on Monday.

The financials sector, the biggest group on the index by weight, rose 1.6 percent, with Toronto-Dominion Bank (TD.TO: Quote, Profile, Research) rising 94 Canadian cents, or 1.4 percent, to C$68.51, and Canadian Imperial Bank of Commerce (CM.TO: Quote, Profile, Research) up 83 Canadian cents, or 1.1 percent, at C$74.84.  Continued...

 
Photo

Catch the latest news, pictures, stats and live race commentary on our special Formula 1 page.  Full Coverage 

Photo

Record oil prices, rising inflation and political uncertainty is spooking investors and the markets. Track the latest on our markets page.  Full Coverage 

Photo

Catch the latest as India acts to quash inflation and guard food supplies.   Full Coverage 

Photo

India and South Asia market Technical Analysis with Phil Smith

REUTERS POLL

What concerns you more:
Nuclear deal
Price rise
Indian cricket team's performance
Symbol Bid Ask
BRENT CRUDE $0.00 $0.00
GOLD $0.00 $0.00
SILVER $0.00 $0.00