(Adds portfolio manager quotes, details on Great-West Lifeco;
* TSX ends up 185.34 points, or 1.2 pct, at 15,582.04
* Index posts biggest gain since March 1
* All of the index's 10 main industry groups end higher
By Fergal Smith
TORONTO, May 5 Canada's benchmark stock index
notched its biggest advance in more than two months on Friday as
commodity prices, especially oil, rebounded from losses earlier
this week, while better-than-expected U.S. jobs growth boosted
sentiment on Wall Street.
The Toronto Stock Exchange's S&P/TSX composite index
ended up 185.34 points, or 1.2 percent, at 15,582.04,
its biggest gain since March 1. It left the index nearly
unchanged for the week after it posted on Thursday its lowest
close in six weeks.
"The market is feeling a little bit more buoyant than it was
for most of the week," said Peggy Bowie, senior trader at
Manulife Asset Management. "We are seeing a bounce back in
U.S. crude oil futures settled up 1.5 percent at $46.22 a
barrel, rebounding from five-month lows, on assurances by Saudi
Arabia that Russia is ready to join OPEC in extending supply
cuts to reduce a persistent glut.
Suncor Energy Inc climbed 1.9 percent to C$42.56,
while TransCanada Corp, which reported
better-than-expected first-quarter results, rose 2 percent to
Tourmaline Oil added 6.3 percent to C$27.69 after it
reported strong quarterly earnings on Thursday.
The overall energy group gained 3 percent, while the
materials group, which includes precious and base metals miners
and fertilizer companies, added 1.4 percent.
Copper prices advanced 0.8 percent to $5,584.85 a
tonne and gold futures rose 0.1 percent to $1,228 an
All of the index's 10 main groups ended higher. Recent solid
corporate earnings and a cheaper Canadian dollar encouraged
investors to dip their toes back in the market, Bowie said.
The loonie recovered some ground after hitting a fresh
14-month low at C$1.3793.
Bank of Nova Scotia, rose nearly 2 percent to
C$76.63, while the heavyweight financials group ended up 0.9
Non-bank mortgage lender Home Capital Group got a
boost after it announced that Alan Hibbens would replace
co-founder Gerald Soloway on its board. But the shares reversed
course to end 2.7 percent lower at $5.85, holding just above the
13-year low it had plunged to last week at $5.68.
Great-West Lifeco Inc fell 5.5 percent to C$34.47
as CIBC cut its target price on the stock. The financial
services company had reported earnings on Thursday.
Air Canada, which reported a narrower-than-expected
loss on Friday, saw its shares rise nearly 9 percent to C$13.94.
(Additional reporting by Solarina Ho Editing by W Simon and