(Adds details, updates prices)
* TSX up 147.14 points, or 1.07 percent, to 13,895.72
* Nine of the TSX's 10 main groups gain
TORONTO, May 16 (Reuters) - Canada's main stock index jumped
more than 1 percent to a fresh two-week high on Monday, led by
major oil and gas and mining stocks as commodity prices rallied.
The resource-rich Toronto Stock Exchange's S&P/TSX composite
index .GSPTSE pushed higher with oil and gold prices buoyant
on crude supply disruptions and a weaker U.S. dollar that also
supported copper. O/R GOL/ MET/L
The most influential movers on the index included Suncor
Energy Inc SU.TO , up 2 percent to C$34.76, and Canadian
Natural Resources CNQ.TO , which added 1.8 percent to C$37.61.
Barrick Gold Corp ABX.TO advanced 2.5 percent to C$24.45,
and Goldcorp Inc G.TO rose 3.7 percent to C$24.12.
The energy group climbed 2.4 percent, while the materials
group, which includes precious and base metals miners and
fertilizer companies, added 2.6 percent.
At 10:20 a.m. EDT (1420 GMT), the Toronto Stock Exchange's
S&P/TSX composite index .GSPTSE rose 147.14 points, or 1.07
percent, to 13,895.72.
It touched its highest level since May 2, with all but one
of the index's 10 main groups higher and six advancers for every
decliner. Consumer discretionary stocks were barely lower.
Valeant Pharmaceuticals International Inc (NYSE:VRX) VRX.TO fell 3.3
percent to C$32.47 after it said would cut prices for hospitals
on two heart drugs after shareholder William Ackman pledged to
revisit controversial price hikes on the treatments.
The heavyweight financials group gained 0.3 percent, while
industrials rose 0.7 percent.
Oil prices jumped more than 2 percent to their highest
since November 2015 on the back of more disruption to supplies
from Nigeria and after long-time bear Goldman Sachs (NYSE:GS) said it was
more positive about the market.
Supply disruptions have most likely pushed oil production
below consumption levels in May for the first time in at least
two years, meaning the world has started eating into the huge
stockpiles of oil which knocked as much as 70 percent off crude
prices between 2014 and early 2016.
Shares in Penn West Petroleum Ltd PWT.TO sank 8.6 percent
to 96 Canadian cents a share after it said it may default on its
financial covenants at the end of the second quarter and raised
doubts about its ability to continue as a going concern.
Gold futures GCc1 rose 1.3 percent to $1,287.8 an ounce,
while copper prices CMCU3 advanced 1.2 percent to $4,683 a
tonne.