(Adds strategist comment, details, updates prices to close)
* TSX ends up 158.66 points, or 1.18 percent, at 13,581.42
* Half of the TSX's 10 main groups rise
By Alastair Sharp
TORONTO, April 12 (Reuters) - Canada's main stock index
notched its biggest jump in more than five weeks on Tuesday,
bouncing higher as a spike in the price of oil boosted energy
stocks and supported financials.
The overall energy group surged 5.2 percent as oil prices
hit four-month highs after a report that Russia and Saudi Arabia
agreed to freeze output ahead of a meeting of producers. O/R
The most influential movers on the index included Suncor
Energy Inc SU.TO , which advanced 3.7 percent to C$36.89, and
Canadian Natural Resources CNQ.TO , up 5.3 percent to C$37.50.
"Energy is definitely leading it, on the back of the
stronger oil prices, but it is lifting the rest of the market
with it," said Philip Petursson, chief investment strategist at
Manulife Investments.
The Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE ended the session up 158.66 points, or 1.18 percent,
at 13,581.42. It touched its highest level since March 17 during
the session.
The financials group gained 1.2 percent, with Royal Bank of
Canada RY.TO rising 1.1 percent to C$75.74, Bank of Nova
Scotia BNS.TO up 1.6 percent at C$62.54, and Toronto-Dominion
Bank TD.TO advancing 1 percent to C$54.97.
Bond "yields have moved up, so the Canadian 10-year now is
just shy of 1.3 percent ... that helps the financials. But also
there is a correlation between financials and oil," Petursson
said.
He said he expects the Bank of Canada to hold rates steady
on Wednesday and not indicate a hike is coming this year, and
for the central bank to increase its growth forecasts based on a
stimulative federal budget and robust recent data.
Canadian Pacific Railway Ltd CP.TO also helped push the
index higher, rising 2.2 percent to C$183.94 after its chief
executive officer said cash once planned to acquire rival
Norfolk Southern Corp (NYSE:NSC) NSC.N could be used for a buyback,
dividend, or combination of both.
Half of the index's 10 main groups gained, with advancers
outnumbered decliners by 1.7-to-1.
Industrials rose 0.8 percent and the materials group, which
includes precious and base metals miners and fertilizer
companies, added 0.9 percent.
Barrick Gold Corp ABX.TO declined 0.8 percent to C$20.87
and Goldcorp Inc G.TO fell 1.3 percent to C$22.65 as gold
steadied at a three-month high, while diversified miner Teck
Resources Ltd TCKb.TO jumped 7.7 percent to C$11.10 as copper
prices CMCU3 advanced 2.2 percent to $4,766.75 a tonne.
GOL/ MET/L .