Record oil prices propelled Toronto stocks to their fifth consecutive winning week on Friday as the energy sector led a broad-based rally.
The Toronto Stock Exchange's S&P/TSX composite index finished up 78.80 points, or 0.91 percent, at 8,747.09, its highest closing level since April. Volume was 277.4 million shares worth C$3.69 billion.
The index rose 1.8 percent on the week.
"Markets were on a roll today," said Peter Chandler, senior vice-president and director Canaccord Capital Corp. "The Canadian market was all about natural resources."
Energy issues provided the muscle for the Toronto market, with the sector hitting a record 190.12 points on buoyant oil prices. Crude closed above the $50 a barrel mark in New York on Friday, underpinned by continued supply fears in Nigeria despite a two-day truce in its conflict-torn, oil producing delta region.
BMO Nesbitt Burns market economist Sam Lee said part of the gains were due to optimism at the beginning of the fourth quarter and earning hopes in the final period of the year.
All but one of the TSX's 10 main subGroups ended higher, including a 2.13-percent rise by the health-care sector while energy stocks rallied.
In that sector, Nexen Inc rose C$2.06, or 3.91 percent, to C$54.81, Canadian Natural Resources was up C$1.25, or 2.48 percent, at C$51.75 and Precision Drilling gained C$1.77, or 2.44 percent, to C$74.40.
The industrials, telecoms and consumer discretionary Groups all put in more than 1 percent gains. The tech sector rose 0.95 percent as JP Morgan's investment upgrade on chip equipment makers helped the Group shrug off the previous day's declines.
ATI Technologies was up 85 Canadian cents, or 4.39 percent, at C$20.23 while Celestica Inc added 57 Canadian cents, or 3.55 percent, at C$16.62.
Materials gained 0.81 percent despite a retreat by its component gold stocks, which succumbed to profit-taking after sharp gains a day earlier.
Elsewhere in the sector, Inco Ltd, the western world's biggest nickel miner, rose 94 Canadian cents, or 1.9 percent, to C$50.34. Aluminum maker Alcan Inc was up C$1.09, or 1.8 percent at C$61.59 and uranium miner Cameco Corp gained C$1.86, or 1.85 percent, to C$102.21.
Market momentum was positive with advancers beating decliners 755 to 528.
The blue-chip S&P/TSX 60 index rose 4.69 points, or 0.97 percent, to 486.88.
In New York, the Dow Jones industrial average closed up 112.38 points, or 1.11 percent, at 10,192.65 and the tech-rich Nasdaq Composite Index ended up 45.36 points, or 2.39 percent, at 1,942.20.
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