Toronto stocks rallied on Friday as soaring resource prices boosted energy and mining issues. At midday, the S&P/TSX composite index was up 74.12 points, or 0.75%, at 9,933.65.

Volume was 165.6 million shares.

All but three of the 10 TSX main groups were higher, led by a 0.8% jump in the energy sector and a 1.7% climb in the resource-heavy materials group.

Energy stocks rose on the back of strong oil prices, which continued to flirt with record highs, with U.S. crude up 13¢ at US$53.70 a barrel.

Nexen was up $2.73, or 4%, to $70.80, while Canadian Natural Resources rose $1.43, or 2%, to $74.33.

Materials issues got a lift from. Inco, which added $1.37, or 2.7%, to $53.10. Cameco gained $2.10, or 3.8%, to $56.85.

Also in the materials group, Sherritt International reported higher fourth quarter profits and record yearly earnings. Its shares rose 9¢ to $10.74.

A 2.1% dip by health-care issues tempered the gains.

Biovail shares slipped $1.88, or 8.8%, to $19.59 after the drug maker said the U.S. Securities and Exchange Commission had shifted its informal inquiry into the company’s financial activities to a formal investigation.

Biovail losses were partially offset by gains in Patheon. The drugmaker said its first-quarter profit more than doubled to US$6 million from a year earlier as revenue rose 43%. Patheon shares jumped 90¢, or 8.87%, to $11.05.

Among individual issues Nortel Networks shares were off 6¢ at $3.61 on news that the company named former Cisco Systems Inc. executive Gary Daichendt its new president and chief operating officer. Former president Bill Owens will remain as CEO and take on a new role as vice-chairman of the ompany’s board.

Onex shares were off 35¢, or 1.72%, at $19.95. Yesterday the company reported a huge loss in the fourth quarter as the big conglomerate was hit by asset writedowns and a restructuring at one of its key companies, electronics manufacturer Celestica Inc.

The junior S&P/TSX Venture composite index was up 5.78 points, or 0.29%, at 2.031.08.

U.S. stocks rallied Friday on better-than-expected jobs growth in February.

The Dow Jones industrial average was up 80 points, or 0.7%, to 10,913 midday — its highest level since June 2001. The blue chip gauge had climbed as high as 10,928 in earlier trade Friday.

The tech-heavy Nasdaq composite index rose 11 points, or 0.6%, to 2,069 while the S&P 500 rose 10 points, or 0.8%, to 1,220.

The February employment report saw the largest monthly increase in payrolls since October as the 262,000 new jobs created came in above the average estimate of 221,000 jobs forecast by economists.