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UPDATE 2-Toronto stock index vaults to new high

Mon May 12, 2008 11:52am EDT
 
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(Updates to late morning)

TORONTO, May 12 (Reuters) - The Toronto Stock Exchange's main index climbed into new territory on Monday and rose to a fresh peak, as the energy and technology sectors got a fillip from Research In Motion (RIM.TO: Quote, Profile, Research, Stock Buzz) and EnCana Corp (ECA.TO: Quote, Profile, Research, Stock Buzz).

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was up 139.97 points, or 0.96 percent, at a record 14,661.16, vaulting past the previous high of 14,646.82.

"This is reflective of how the TSX is driven with the connection to the resources," said Brian Pow, vice-president research and equity analyst at Acumen Capital Partners in Calgary, Alberta.

"I think it is not going to be a top by any means. It is just reflective of where the stock prices are right now."

EnCana and RIM, among the biggest net gainers, set the tone early in the day after EnCana said it planned to split into separate oil and natural gas firms.

RIM boosted the index with news that it will launch a new high-end BlackBerry smartphone, the BlackBerry Bold.

EnCana jumped C$6.73, or 7.8 percent, to C$93.25, while RIM advanced C$6.82, or 5.1 percent, to C$140.17. The energy and technology sectors each rallied 2.4 percent.

Suncor Energy (SU.TO: Quote, Profile, Research, Stock Buzz) added C$1.07, or 1.7 percent, to C$63.96, as the price of crude bounced to a fresh record above $126 a barrel, before easing back.  Continued...

 

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