Energy stocks lift TSX as crude oil jumps on supply concerns

Canada's main stock index rose on Friday, helped by energy stocks as crude prices gained on concerns it could take weeks to dislodge a giant container ship blocking the Suez Canal.

The energy sector climbed 1.2%, as US crude prices jumped 3.6% and Brent crude added 3.3%.

At 19:11 a.m. ET (13:41 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 29.14 points, or 0.16%, at 18,680.24.

Budget balance data for January is due at 11:00 a.m. ET.

The largest percentage gainers on the TSX were oil producer MEG Energy Corp, which jumped 4.3%, and BRP Inc, which rose 3.5% after multiple brokerages raised their prices targets on the all-terrain vehicle maker's stock.

The materials sector, which includes precious and base metals miners and fertilizer companies, added 0.3%.

On the TSX, 129 issues were higher, while 92 issues declined for a 1.40-to-1 ratio favouring gainers, with 20.16 million shares traded.

Telecom service provider Telus Corp fell 4.1%, the most on the TSX, after an equity offering announcement. The second-biggest decliner was automobile parts maker Westport Fuel Systems Inc, down 1.9%.

The most heavily traded shares by volume were Power Corporation of Canada, Telus, and TC Energy Corp .

The TSX posted six new 52-week highs and no new lows.

Across all Canadian issues there were 24 new 52-week highs and one new low, with total volume of 34.96 million shares.