CANADA STOCKS-TSX jumps more than 1 pct as oil spikes
* Oil price turns around, surges $5 and lifts energy group
* Oilexco top loser and most traded; unit faces insolvency
* Labopharm up 38 pct; FDA approves pain drug Ryzolt
* RIM up 6 pct, biggest gainer on the index (Updates to midafternoon numbers)
TORONTO, Dec 31 (Reuters) - Toronto's main stock index jumped more than 1 percent on Wednesday afternoon as the price of oil surged, boosting the heavily weighted energy sector.
The price of crude oil spiked more than $5 in volatile trading, helping to lift the oil and gas sector to join the rest of the broadly higher sectors on the benchmark TSX.
The Toronto Stock Exchange's oil and gas group was up 1.6 percent as the price of crude drove above $44 a barrel.
At 2:40 p.m. (1940 GMT), the S&P/TSX composite index .GSPTSE was up 1.7 percent, or 148.96 points, at 8,979.68. Still, the TSX is now on track to make a third straight day of triple-digit gains, and may finish its roller-coaster year on a high note.
But the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE is still down about 35 percent this year. Continued...