(Adds portfolio manager comment; updates prices to close)
* TSX ends up 125.38 points, or 0.89 percent, at 14,259.84
* Four gainers for every decliner; five sectors up more than
1 pct
* Index up 1.4 percent over the week
By Alastair Sharp
TORONTO, July 8 (Reuters) - Canada's main stock index jumped
on Friday as investors cheered a blockbuster U.S. jobs report
and pushed up resource stocks, railways, industrials and banks.
The move was more subdued than that seen on Wall Street, as
Canada's own job growth stalled and fewer people sought work,
but attention centered on the number from the much larger
economy of the United States, Canada's main trading partner.
The Toronto Stock Exchange's S&P/TSX composite index's
.GSPTSE gains were broad and significant, with five of its 10
main sectors rising more than 1 percent, including its
heavyweight energy and materials groups.
The index closed up 125.38 points, or 0.89 percent, at
14,259.84. It gained 1.4 percent on the week.
"This is the flip side to last month when the market was
unexpectedly disappointed with the 38,000 jobs," said Irwin
Michael, portfolio manager at ABC Funds, referring to the U.S.
nonfarm payroll print for May, which was revised down to 11,000.
"This month people were astounded by the 287,000 jobs," he
added. "That completely surprised the marketplace and that's
what drove everything.""
In Canada there were nearly four gainers for every decliner,
with industrials rising 1.5 percent, the energy group up 1.4
percent, and financials gaining 0.6 percent.
The most influential gainers included Canadian National
Railway Co CNR.TO , which rose 1.7 percent to C$78.11, and its
rival Canadian Pacific Ltd CP.TO , which advanced 2.6 percent
to C$173.90.
Railway earnings are linked to the performance of the
broader economy, rising as growth boosts demand for raw
materials and consumer goods.
The U.S. economy posted its largest job gains in eight
months, but the Statistics Canada jobs data released on Friday
underlined the challenges facing an economy trying to adjust to
weak oil prices that have depressed demand and led to layoffs in
the energy industry.
Royal Bank of Canada RY.TO added 0.8 percent to C$77.35
and Brookfield Asset Management BAMa.TO gained 1.8 percent to
C$44.10.
Canadian Natural Resources CNQ.TO advanced 1.9 percent to
C$40.30.
Crude prices edged higher, off two-month lows, but benchmark
Brent nevertheless notched its largest weekly drop since January
as economic worries weigh on oil. O/R
(Editing by Bill Trott and David Gregorio)