UPDATE 3-Energy issues lead 150-pt rally by Toronto stocks

Wed Dec 5, 2007 4:34pm EST
 
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(Updates official closing numbers, adds details)

TORONTO Dec 5 (Reuters) - The Toronto Stock Exchange's main index ended sharply higher on Wednesday, in a broad rally helped by strong energy issues amid news of an oil sands joint venture between Husky Energy Inc (HSE.TO: Quote) and BP Plc (BP.L: Quote).

The venture will link a BP refinery in Ohio with Husky's Sunrise project in Alberta's oil sands. The news made Husky's stock one of the biggest net advancers by weight, up C$2.14, or 5.5 percent, to C$41.29.

Also putting interest in energy issues was news that OPEC would keep oil output unchanged. Elsewhere in the sector, Suncor Energy (SU.TO: Quote) was up C$3.74, or 3.8 percent, at C$102.62, while the group as a whole was up 2 percent.

The composite index also got broad support from optimism over reports in the U.S. that pointed to strength in the world's largest economy and calmed jitters over a possible recession south of the border.

The S&P/TSX composite index .GSPTSE closed up 154.92 points, or 1.14 percent, at 13,734.54 with all but one of the TSX's 10 main sectors in positive territory.

The industrials sector rose 2.8 percent, while WestJet Airlines Ltd (WJA.TO: Quote) gained 93 Canadian cents, or 4.3 percent, to C$22.58 after it said it flew fuller planes in November.

Also in the sector, train and plane maker Bombardier (BBDb.TO: Quote) was up 35 Canadian cents, or 5.9 percent, at C$6.28.

Consumer stapes was the lone group in the negative, losing 0.04 percent.

($1=$1.01 Canadian) (Reporting by Leah Schnurr; Editing by Rob Wilson)