CANADA STOCKS-TSX jumps nearly 2 percent as oil, metals strengthen

Fri Jan 16, 2015 5:05pm EST
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* TSX up 267.59 points, or 1.91 percent, at 14,309.41

* Nine of the 10 main index sectors advance

* Canadian Natural, Suncor the top heavyweight gainers

By John Tilak

TORONTO, Jan 16 (Reuters) - Canada's main stock index rose nearly 2 percent on Friday as shares of oil and mining companies soared on the back of rebounding commodity prices.

Oil prices, under pressure since June due to concerns about oversupply, strengthened after the International Energy Agency said that it expects "the tide will turn".

A survey showing that U.S. consumer sentiment rose in January to its highest in more than a decade provided further support for oil.

The gain on the Toronto stock market's benchmark TSX index came after declines in each of the previous five sessions. It still recorded a drop on the week, a period in which market volatility surged due to choppy oil prices and Switzerland's move to abandon its more than three-year-old ceiling on the franc's value against the euro.

"We've seen a lot of pain," said Bob Gorman, chief portfolio strategist at TD Wealth. "It will be more muted progress this year."   Continued...