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TORONTO, Feb. 12 (Xinhua) -- Canada's main stock market in Toronto delivered triple-digit gains Friday as crude prices spiked and investors shook off the gloom that sent stocks into free fall through the week.
The Toronto Stock Exchange's benchmark Standard & Poor'sTSX Composite Index rallied 293.87 points, or 2.43 percent, to close at 12,381.24 points. All of the TSX index's eight main sub-sectors were higher.
The prices of oil, which hit a 12-year low Thursday nike air max 90 blanc homme pas cher , reversed course in dramatic fashion. The West Texas Intermediate for March delivery moved up 3.23 U.S. dollars, or 12.3 percent, to settle at 29.44 dollars a barrel on the New York Mercantile Exchange, while Brent crude for April delivery increased 3.3 dollars to close at 33.36 dollars a barrel on the London ICE Futures Exchange.
Crude oil began rising late Thursday on prospects for a coordinated production cut. That possibility was sparked by comments from the energy minister of United Arab Emirates, a member of the Organization of Petroleum Exporting Countries.
Oil volatility has been high this year, with 10-20 percent price rises and falls common within only a few trading sessions. Hans van Cleef nike air max 90 femme toute blanc , senior energy economist at ABN AMRO, said Friday's jump is "an indicator that it's not a one-way price movement anymore ...we will see a period of high volatility."
North American markets sentiment was also being boosted by a report that showed U.S. consumer spending rebounding in January, leading to hopes that economic growth was picking up after stalling at the end of 2015.
Riding the oil rally, TSX's energy and mining stocks recorded big gains, up 3.34 percent and 10.79 percent, respectively. Calgary-based Canadian Natural Resources rose 4.40 percent to 27.75 Canadian dollars (about 20 U.S. dollars) per share. Teck Resources nike air max 90 blanche femme pas cher , Canada's largest diversified mining company, rocketed 25.05 percent to 6.44 Canadian dollars per share.
Cenovus Energy Inc. jumped 4.01 percent after the Canadian oil producer said it may sell up to 5 billion U.S. dollars of stock, debt or other securities, a day after it announced a dividend cut, as the company shores up its balance sheet amid a slump in oil prices.
The company filed with the U.S. Securities and Exchange Commission for a mixed shelf offering after the company also said Thursday it would cut its 2016 budget and lay off more employees.
The overall financial group also went up 3.59 percent. Manulife Financial Corporation added 2.97 percent, Royal Bank of Canada increased 4.58 percent nike air max 90 blanche pas cher , and Toronto-Dominion Bank ended higher 3.65 percent.
Among the downers on the index, shares in Telus fell 2.7 percent to 38.61 Canadian dollars a share, a day after the telecom company reported a fall in quarterly profit, hurt by increased competition and weaker demand for its wireless services.
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