TSX higher on day, surges 4.3 percent on week

Fri Oct 14, 2011 5:23pm EDT
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By Ashleigh Patterson

TORONTO (Reuters) - Toronto's main stock index ended more than 1 percent higher on Friday, as hopes for a resolution to the euro zone debt crisis bolstered investor confidence and boosted commodities prices, sending the TSX to its biggest weekly gain in two years.

The energy sector saw the largest surge, as Brent crude oil futures posted their highest close since September 15, the biggest weekly gain since late February.

Brent's November contract rose $3.57 to settle at $114.68 a barrel, while U.S. November crude rose $2.57 to $86.80. <O/R>

Energy companies pushed higher along with the oil prices. Suncor Energy (SU.TO: Quote) posting the strongest performance on the index, rising 5.32 percent to C$30.69.

Canadian Natural Resources (CNQ.TO: Quote) rose 3.81 percent to C$32.94, Cenovus Energy (CVE.TO: Quote) added 3.36 percent to C$35.41 and Canadian Oil Sands COS.TO finished 4.29 percent higher at C$22.84.

"If you go back to the October 4 low, we're up about 7 percent from that. Everything is looking a lot more attractive in the commodities sector. Even natural gas is moving up today, which has been one of the markets that has been quite negative," said John Kurgan, senior market strategist from MF Global Canada.

The Toronto Stock Exchange's S&P/TSX composite index ended up 169.84 points, or 1.43 percent, at 12,081.73 .GSPTSE. Eight of the 10 main sectors were higher, with consumer staples and utilities sectors posting modest declines.

On the week, the TSX rose 4.3 percent, its biggest weekly gain since October 2009.   Continued...