January 21, 2009 / 10:07 PM / 9 years ago

CANADA STOCKS-TSX soars 3 percent on energy surge

* TSX rebounds 250 points in volatile session

* Energy group leads way as oil price jumps

* All 10 of TSX’s main sectors advance (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) 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 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), rising 7.6 percent to end at C$21.63.

Royal Bank of Canada (RY.TO) advanced 4.2 percent to C$32.12.

The S&P/TSX composite index .GSPTSE ended up 252.96 points, or 2.97 percent, at 8,757.89 in a volatile session that reclaimed a chunk of Tuesday’s nearly 4 percent drop. All 10 sectors finished higher after being mixed earlier.

“Sellers are exhausted again,” said Peter Chandler, senior vice-president at Canaccord Capital in Waterloo, Ontario.

“The reality is, we’re down at the low end of the trading range and that’s where the buyers have seemed to step up before.”

Earlier, the composite was down as much as 1.3 percent as nagging worries about global economy shook weighty financials while a turn lower in oil pulled down energy issues.

However, the index turned decidedly positive after midday as the price of oil charged higher.

$1=$1.26 Canadian

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