October 20, 2008 / 2:14 PM / 9 years ago

UPDATE 1-Toronto stocks jump as oil prices rise

* Energy group up 8.1 percent, leads index higher

* All 10 groups rise, building on last’s week’s gains (Adds details)

TORONTO, Oct 20 (Reuters) - The Toronto Stock Exchange’s main index jumped 3.8 percent in a broad-based rally on Monday morning as higher commodity prices pulled up the energy and materials sectors.

Oil was up, but off session highs around $73 a barrel, supported by expectations that OPEC may cut output this week to boost prices, [ID:nSYD4652]. The Toronto oil and gas sector was up 8.1 percent.

Canadian Natural Resources (CNQ.TO) gained 8.8 percent to C$54.96, while Imperial Oil (IMO.TO) rose 9.3 percent to C$40.

The materials sector, which includes miners, also pushed higher as prices for gold and other metals rose.

Shortly after 10:00 a.m. (1400 GMT), the Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE was up 367.42 points, or 3.8 percent, to 9,929.91. All 10 of the index’s main groups were in positive territory.

The gains build on a strong finish from the previous week when the index snapped a three-week losing streak with a 5.5 percent weekly rise, its biggest such gain since October 2002.

$1=$1.19 Canadian Reporting by Ka Yan Ng; Editing by Peter Galloway

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