TSX reverses course with triple-digit gain on jump in oil price

TORONTO — The Toronto stock exchange reversed course from the previous day’s big loss to post a tripledigit gain Tuesday as zig-zagging oil prices rose sharply. The S&P/TSX composite index closed up 188.16 points at 12,331.32, following a 246-point decline on Monday. The heavily weighted energy subsector rose by more than four per cent as the March contract for North American benchmark crude oil rose $1.11 to settle at US$31.45 a barrel. The commodity-sensitive loonie was also a big beneficiary of the jump in oil prices, rising 0.97 of a cent to end trading at 71.05 cents US. The last time the loonie closed above 71 cents US was on Jan. 6 and the currency fell as low as 68.21 cents US last week, according to Bank of Canada data.