CANADA STOCKS-UK vote, U.S. jobs help drive TSX higher

Fri May 8, 2015 11:22am EDT
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(Updates with analyst's comment, details, updated figures)

* TSX up 72.43 points, or 0.48 percent, at 15,161.25

* Nine of the index's 10 main groups rise

By Solarina Ho

TORONTO, May 8 (Reuters) - Canada's main stock index rose on Friday, tracking upbeat global markets as sentiment warmed following a surprise win by the business-friendly Conservatives in the UK election and data that showed a rebound in the U.S. labor market in April.

In the United States, all three main stock indexes, the Dow Jones industrial average, the S&P 500, and the Nasdaq Composite were up over 1 percent.

"It's been a difficult week. The currencies, equities indices have been very volatile. So it's a bit of a sigh of relief. The path of least resistance is on the upside," said Irwin Michael, portfolio manager at ABC Funds.

"There are a number of positive drivers. The Conservative majority victory in the UK ... On balance, nice recovery in the U.S. market. It gives people more confidence."

The biggest heavyweight movers on the index included Valeant Pharmaceuticals International, which rose 0.97 percent to C$268.02, and Royal Bank of Canada, up 0.5 percent at C$79.19.   Continued...