Financials and energy stocks carried the Toronto Stock Exchange sharply higher on Thursday, despite news that Canada’s unemployment rate reached 8% in March, its highest level in seven years.

The S&P/TSX composite index surged 217.84 points, or 2.4%, to finish at 9.187.12. For the week, the benchmark index gained roughly 1%.

Markets will be closed Friday for the Good Friday holiday.

The financials group soared 5.7% on Thursday.

Shares of Bank of Montreal gained $1.80, or 5.3%, to $36.00 and CIBC advanced 4.6% to $50.05.

Manulife Financial Corp. saw its shares jump $2.03, or 12.3%, to close at $18.50.

Also sharply higher was Power Corp. up, 10.2% to $21.26 and Sun Life Financial Corp., higher by 7.2% to $26.80.

The energy group rose 3.3% on Thursday as oil futures surged higher. Crude oil for May delivery rose US$2.86, or 5.8%, to end at US$52.24 a barrel on the New York Mercantile Exchange. Thursday’s gain reduced the contract’s weekly loss to 0.5%.

Suncor Energy Inc. advanced 4.9% to $32.00 and shares of Petro-Canada rose $2.14, or 5.7% to $39.63.

Canadian Natural Resources Ltd. rose 3.2% to $54.71 and EnCana Corp. added 2.4% to $55.28.

Lower for the day was Imperial Oil Ltd., which fell 1.7% to $45.90.

Meanwhile, a retreat in gold futures helped drag the materials group lower by 0.5%. Gold for April delivery fell US$2.60, or 0.3%, to end at US$882.20 an ounce on the New York Mercantile Exchange. The front-month contract lost 1.5% this week.

The sub-gold index fell 3%.

Barrick Gold Corp. shed 2.9% to $34.87 and Goldcorp Inc. dropped 3.9% to $36.15.

Also lower was Kinross Gold Corp., down 3.9% to $18.25.

The telecommunications group dropped 4.6% on Thursday as Telus Corp. said its expects first quarter profits to be squeezed by lower than expected subscriber growth. Telus shares fell $3.92, or 11%, to $31.58.

Companies on the Venture Exchange also enjoyed gains Friday, sending the S&P/TSX Venture composite index up 18.27 points, or 1.9%, to 968.97.

The Canadian dollar added 0.8¢ to finish at US81.62¢.

The main indexes in New York also advanced on Thursday, boosted by news that Wells Fargo expects to report record net income of approximately US$3 billion in the first quarter.

The Dow Jones industrial average rose 246.27 points, or 3.1%, to finish at 8,083.38, up 0.8% for the week.

The S&P 500 index added 31.40 points, or 3.8%, to end at 856.56, a 1.7% boost from last Friday’s close.

The Nasdaq composite index climbed 61.88 points, or 3.9%, to 1,652.54, a weekly gain of 1.9%.

IE