TSX SEES TRIPLE-DIGIT GAIN ON EU HOPES

The TSX closed with a triple-digit gain Friday, rising along with global markets as investor sentiment improved after a surprising move by European leaders to take aggressive steps toward solving their debt crisis.

The S&P/TSX composite index moved ahead 171.86 points to 11,596.56, with all sectors in positive territory save for the information technology index, which was hit by a 20% in Research In Motion Ltd. (RIM/TSX).

The TSX Venture Exchange added 27.53 points to 1,190.99. The TSX was up 0.62% for the week, which also closed out the second quarter of 2012.

EU leaders agreed to pump money directly into stricken banks, let some countries tap into rescue money without

submitting to stringent budget requirements and, later, tie European governments closer in economic union.

The Canadian dollar jumped 1.04¢ to US98.44¢ as the price of oil and gold both headed higher.

Oil posted the biggest one-day increase in more than three years, with the August crude contract surged US$7.27 to US$84.96 a barrel on the New York Mercantile Exchange on the theory that a cure to Europe’s debt woes will remove one of the major drags on global growth.

The energy index was up 2.8% on the TSX, with shares in Suncor Energy Inc. (SU/TSX) up 4%, or $1.14, to $29.44.

The August gold contract gained $US53.80 to US$1,604.20 an ounce.