TSX edges higher in wake of firm oil (Reuters)

Friday, May 23rd, 2008 | Finance News

TORONTO (Reuters) -
The Toronto Stock Exchange's main index
gained early on Friday with energy issues enjoying bullish oil
and gas prices
, while profit-taking hit a mixed bag of other

The S&P/TSX composite index was up 24.45 points, or 0.2
percent, at 14,816.81 shortly after the open.

With U.S. crude rebounding above $133 a barrel, and natural
on positive terrain, the TSX energy sector jumped 0.9
percent. EnCana added 84 Canadian cents to C$93.78.

Gold producers also rose, emboldened by a jump in the spot
gold price
. Goldcorp, Canada's second-biggest producer, was up
71 Canadian cents at C$42.00.

The TSX is near the record high it logged earlier this
week, spurring some investors to lock in profits in the
financial and telecom groups.

Index heavyweight Potash Corp of Saskatchewan dropped 98
Canadian cents to C$195.82, while Rogers Communication was off
74 Canadian cents at C$43.51.

($1=$0.98 Canadian)

(Reporting by Jonathan Spicer; editing by Renato Andrade)