Toronto stocks shot up Friday, earning a triple-digit gain, as energy stocks led a broad market advance.

The S&P/TSX composite index gained 118.81, or 1.07%, to 11,249.02.

Nine of the 10 TSX main sub-groups were up, with only financials, down 0.37%, not joining in on the party.

The energy index moved up 2.73% on news of a big acquisition in the U.S. Oil and gas company Kerr-McGee Corp. today approved a US$16 billion acquisition offer by Anadarko Petroleum Corp.

The benchmark August contract closed up 3¢ at US$70.87 a barrel.

Canadian Oil Sands Trust lifted $1.60, or 5.19%, to $32.40.

The materials index was up 1.45%.

Gold for August delivery rose $2.60 to close at US$588 an ounce.

Barrick Gold Corp. was up 53¢, or 1.70%, to $31.71; Goldcorp rose $1.03 to $31.56.

Tech stock strength was led by Nortel Networks, up 12 cents to $2.44. Research in Motion gained $1.89 to $74.

The financials group was the only sector to lose ground, and the loss was marginal — down 0.1 per cent.

The Canadian dollar slipped more than a third of a cent to US89.01¢. The loonie has now lost more than a cent in the last two trading sessions.


The S&P/TSX Venture composite index gained 34.08 points, or 1.33%, to 2,589.93.

In New York, markets ended down as investors were concerned over possible rising interest rates and a slowing U.S. economy.

The Dow Jones industrial average fell 30.02 points to 10,989.09 and the Nasdaq composite index dropped 1.52 point to 2,121.47. The S&P 500 gave up 1.10 point to 1,244.50.

For the week, the Dow lost 0.2%, the S&P 500 fell 0.6% and the Nasdaq lost 0.4% of its strength.