CANADA STOCKS-TSX jumps 1 pct as surging oil boost energy companies

Fri Apr 8, 2016 4:49pm EDT
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(Adds strategist comment, details; updates prices)

* TSX ends up 130.29 points, or 0.98 percent, at 13,396.73

* Seven of the TSX's 10 main groups rise

* Energy sector gains 2.7 pct; index down 0.3 pct on week

By Alastair Sharp

TORONTO, April 8 (Reuters) - Canada's main stock index jumped almost 1 percent on Friday, led by gains for energy companies as crude oil prices surged, helping the index eclipse most of the losses sustained earlier in the week.

Unexpectedly robust jobs data added to evidence of a pick-up in the domestic economy, aiding investor confidence, although the boost from higher crude was seen as the dominant catalyst.

"In my view it has much less to do with the labor force data and much more to do with the gains in the price of oil today, which have been quite substantial," said Philip Petursson, chief investment strategist at Manulife Investments.

The energy group climbed 2.7 percent and oil prices jumped 6 percent, as drawdowns in U.S. stockpiles fed hopes that punishing global oversupply may be near a tipping point.   Continued...