CANADA STOCKS-Energy issues lead TSX to 3 percent gain

Wed Jan 21, 2009 5:30pm EST
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* TSX rebounds 250 points in volatile session

* Energy group leads way as oil price jumps

* All 10 of TSX's main sectors advance

* Nova shares plunge on liquidity concerns (Adds details, official numbers, analyst comments)

By Natalie Armstrong

TORONTO, Jan 21 (Reuters) - Toronto's main stock index finished almost 3 percent higher in a late-session rally on Wednesday as a jump in oil prices boosted energy shares.

The oil and gas sector gained 4.4 percent as oil jumped nearly 7 percent as OPEC supply cuts outweighed evidence that a deepening global slowdown would crush fuel demand. [ID:nSP402296]

Shares of Suncor Energy (SU.TO: Quote) soared 11.2 percent to C$24.58, reclaiming much of the previous day's losses when it was the top moving decliner. EnCana (ECA.TO: Quote) rose 4.9 percent to C$55.24.

The financial sector also rebounded, climbing 4.3 percent with the session's top mover, Manulife Financial (MFC.TO: Quote), rising 7.6 percent to end at C$21.63.   Continued...