Toronto stocks closed higher on Friday as soaring oil prices pumped up energy issues and the market brushed aside concerns about a slowing US economy. The Toronto Stock Exchange's S&P/TSX composite index closed up 44.53 points, or 0.46 percent, at 9,671.17 on a light volume of 181 million shares worth C$2.9 billion. On the week, the main index gained 0.53 percent.
Six of the TSX index's 10 main groups were higher, led by a 1.34 percent boost from the energy sector and a 0.63 percent climb in the resource-heavy materials index.
"Clearly, markets are worried about higher oil prices. This has been good news for the TSX," said Kate Warne, a strategist with Edward Jones.
In New York, oil prices soared above $55 a barrel on worries over high global fuel demand and tight refinery capacity.
Canadian Natural Resources, the country's No 2 oil and gas explorer, rose 89 Canadian cents, or 2.4 percent, to C$37.96. Canada's biggest oil producer and refiner, Imperial Oil Ltd, climbed C$1.39, or 1.6 percent, to C$89.91.
Gold miners, a subsector of the naterials group, jumped 1.76 percent as bullion price rose to a three-week high.
Two of the country's largest gold producers Barrick Gold Corp and Placer Dome Inc each rose more than 1 percent.
Barrick gained 45 Canadian cents, or 1.6 percent, to C$28.87 and Placer advanced 35 Canadian cents, or 2 percent, to C$17.60.
Crystallex International Corp jumped 7 percent to C$4.60 after the Venezuelan government said the miner was on track to clearing the last hurdle before starting construction at its huge gold deposit in its country.
The TSX ignored weaker than expected US job figures, which sparked a selloff on the Dow and Nasdaq.
"Typically, when you see weak job numbers in the United States you see worries about what that means for exports in Canada," said Warne.
"But right now that does not appear to be the case, particularly since financials did well today."
Banks and insurers rose 0.47 percent with Sun Life Financial Inc up 42 Canadian cents, or 1 percent, at C$39.50. Toronto-Dominion Bank climbed 49 Canadian cents, or 1 percent, to C$53.59 and Canadian Imperial Bank of Commerce rose 55 Canadian cents to C$72.70.
Market momentum was positive as 782 issues advanced and 533 declined.
The blue chip S&P/TSX 60 index gained 2.57 points, or 0.48 percent, to 540.93.
In New York, The Dow Jones industrial average lost 92.52 points, or 0.88 percent, to 10,460.97 and the Nasdaq composite index finished down 26.37 points, or 1.26 percent, at 2,071.43.
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