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TSX notches biggest gain in 2 months as oil rebounds

TSX notches biggest gain in 2 months as oil rebounds

Canada's main stock index soared almost 200 points on Friday, erasing a triple-digit loss the day before, in a broad-based advance across all sectors.

Oil prices dove 5 percent to their lowest level since a November OPEC deal, on signs the group and other major producing countries will not take more drastic steps to reduce the world's persistent glut of crude.

The overall financials group, which accounts for more than a third of the weight of the index, gained 1.0 percent.

Suncor Energy Inc climbed 1.9 percent to C$42.56, while TransCanada Corp, which reported better-than-expected first-quarter results, rose 2 percent to C$63.93.

The oil and gas companies' sector rose 2.3 percent.

The Toronto Stock Exchange's S&P/TSX composite index ended up 185.34 points, or 1.2 percent, at 15,582.04, its biggest gain since March 1. Rounding out the list was top-ranked Royal Bank of Canada and No. 4 Bank of Montreal with advancements of 1.07 percent and 0.95 percent.

Manulife Financial Corp (Toronto:MFC.TO - News) rose 1.3 percent to C$24.44 after the life insurer beat earnings expectations with strong sales in Asia.

In New York, markets posted moderate gains.

Dow Jones Industrial Average e-mini futures 1YMc1 were down 0.04 percent at 7:15 a.m. ET, while S&P 500 e-mini futures ESc1 were up 0.06 percent and Nasdaq 100 e-mini futures NQc1 were up 0.05 percent.

Meanwhile, June natural gas futures on the on the New York Mercantile Exchange rose 2.64 percent to 3.27 US dollars per million British thermal units.

There hasn't been much volatility in USA markets as the current earnings season and recent economic data has lacked surprises, Pashootan said.

The June crude contract advanced 70 cents to US$46.22 per barrel on Friday.

The drop came as benchmark prices for oil, gold and copper were all lower during morning trading and the Canadian dollar was trading at 72.90 cents U.S., weaker than Wednesday.

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