CANADA STOCKS-TSX jumps with oil, closes 2.6 pct higher for the week

Fri Jan 22, 2016 5:35pm EST
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(Adds quotes, details on central bank, fiscal spending; updates prices)

* TSX up 353.72 points, or 2.94 percent, at 12,389.58

* All of the TSX's 10 main groups rise; energy jumps 5.6 pct

* Index rises 2.6 percent for the week

By Fergal Smith

TORONTO, Jan 22 (Reuters) - Canada's main stock index scored its biggest rally in more than four years on Friday, led by oil and gas stocks as crude prices surged and investors welcomed hints of more stimulus from global central banks.

Sharp gains on Thursday and Friday left the index 2.6 percent higher for the week, supported by a recovery in crude oil prices and optimism that central banks in Europe and Japan will increase policy stimulus.

"The market was becoming extremely oversold in the short run," said Irwin Michael, portfolio manager at ABC Funds. "Investors were anxiously awaiting for some stability in the commodities, and oil and gas and the mining sector."

U.S. crude prices settled at $32.19 a barrel, up 9.01 percent, as bearish traders who had taken out record short positions scrambled to close them.   Continued...