CANADA STOCKS-Oil rally lifts TSX to two-month high

Tue Feb 3, 2015 10:59am EST
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* TSX up 179.27 points, or 1.2 percent, at 15,079.74

* Five of the 10 main index sectors advance

* Canadian Oil Sands jumps 17.7 percent

By John Tilak

TORONTO, Feb 3 (Reuters) - Canada's main stock index jumped to its highest in more than two months on Tuesday as energy shares rose as oil prices extended a rally on hopes that oil production might come down.

After slumping to multiyear lows in recent months over concerns about oversupply, the price of oil began bouncing back late last week. The U.S. crude oil price was up about 3 percent on Tuesday, and some investors were betting that it might have found a bottom.

Investors were also encouraged by data showing that growth in U.S. manufacturing sector held steady in January.

The benchmark TSX index was up for a fourth-straight day and has advanced about 3 percent year-to-date.

"We're getting a nice relief rally here," said Colin Cieszynski, chief market strategist at CMC Markets. "We'll still see choppiness and volatility throughout the year because we've had a major shock to the economic system."   Continued...