Canada's main stock index rose to a record high on Monday, as strong US jobs growth data raised hopes of a global economic recovery, offsetting a drop in oil prices.

The energy sector fell 1.1% as US crude and Brent prices dropped 2% each.

At 9:38 a.m. ET (1338 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 58.8 points, or 0.31%, at 19,049.12.

Oil and gas company Whitecap Resources Inc dropped nearly 2% after it said it would acquire Kicking Horse Oil & Gas Ltd, a privately held indirect subsidiary of Quantum Energy Partners for C$300 million ($239 million) in a stock-and-cash deal.

The financials sector gained 0.4%, while industrials rose 0.8%.

The materials sector, which includes precious and base metals miners and fertilizer companies, added 0.3% as gold futures rose 0.1% to $1,728.6 an ounce.

On the TSX, 141 issues were higher, while 84 issues declined for a 1.68-to-1 ratio favouring gainers, with 16.30 million shares traded.

The largest percentage gainers on the TSX were Ballard Power Systems, up 5.7%, and First Quantum Minerals , which gained 4.2%.

Vermilion Energy fell 2.2%, the most on the TSX, while the second-biggest decliner was AcuityAds Holdings .

The most heavily traded shares by volume were Toronto-Dominion Bank, Bombardier and Power Corporation of Canada.

The TSX posted 12 new 52-week highs and no new lows.

Across all Canadian issues, there were 118 new 52-week highs and six new lows, with total volume of 32.81 million shares.