UPDATE 1-Toronto stocks jump on OPEC output decision

Wed Dec 5, 2007 10:27am EST
 
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TORONTO Dec 5 (Reuters) - The Toronto Stock Exchange's main index jumped out of the starting block on Wednesday, driven higher by rising energy shares after OPEC decided to leave crude output levels unchanged.

The move by the cartel of oil-producing countries lifted U.S. crude oil futures $1 to $89.32 a barrel, which gave the TSX energy sector a 1.2 percent boost.

All of the Toronto index's major sectors were in positive terrain, with industrials up 1.8 percent, materials up 0.7 percent and the heavyweight financials sector 0.2 percent higher.

Overall, the S&P/TSX composite index .GSPTSE was up 118.64 points, or 0.9 percent, at 13,698.26 less than an hour after the market opened.

The index had fallen 0.8 percent over the past two days, hampered by worries over the economic health of the United States, Canada's biggest trading partner.

Those worries were tempered on Wednesday with the release of one U.S. report that showed higher-than-expected employment growth in the private sector last month, and another that showed U.S. worker productivity logged the strongest growth in four years. For details, see: [nN05598168] and [nN05602438]

BlackBerry-maker Research In Motion RIM.TO led the charge, up C$5.65 at C$107.97. Suncor Energy (SU.TO: Quote) led all energy firms, up C$2.27 at C$101.15.

Husky Energy (HSE.TO: Quote) advanced 92 Canadian cents to C$40.07 after it and oil major BP Plc (BP.L: Quote) said they have agreed to work together on developing two oil sands-related joint ventures. For details, see: [nN05608579]

Quebecor Media (QBRa.TO: Quote) climbed 3 Canadian cents to C$2.23 after its media division sweetened its offer to take Nurun Inc.NUR.TO private.

($1=$1.01 Canadian) (Reporting by Jonathan Spicer; Editing by Peter Galloway)