February 10, 2017 / 4:13 PM / 7 months ago

CANADA STOCKS-TSX posts record high as oil prices climb

(Adds details throughout on stocks and sectors, updates prices)

* TSX up 87.25 points, or 0.56 percent, at 15,704.55

* Index breaches its 15,685.13 peak from September 2014

TORONTO, Feb 10 (Reuters) - Canada’s main stock index rose on Friday to an all-time high on strengthening oil prices and hopes of business-friendly tax cuts in the United States, while a surge in domestic jobs suggested the country’s economy was picking up.

At 10:40 a.m. ET (1540 GMT), the Toronto Stock Exchange’s S&P/TSX composite index rose 87.25 points, or 0.56 percent, to 15,704.55, having breached its 15,685.13 peak from September 2014.

U.S. President Donald Trump’s promise of a “phenomenal” tax plan has helped revive a post-election rally in stocks, with Wall Street also reaching record highs.

U.S. crude prices were up 1.8 percent at $53.95 a barrel after reports that Organization of the Petroleum Exporting Countries members delivered more than 90 percent of the output cuts they pledged in a landmark deal that took effect in January.

Canadian Natural Resources Ltd climbed 1.3 percent to C$39.54, while the overall energy group gained 1.1 percent.

Cameco Corp rose 0.8 percent to C$14.35 even after it reported on Thursday a lower-than-expected quarterly profit, hurt by weak uranium prices.

The heavyweight financials group rose 0.6 percent as bond yields climbed, with Royal Bank of Canada advancing 0.8 percent to C$96.89.

Higher bond yields reduce the value of insurance companies’ liabilities and increase net interest margins of banks.

Agrium Inc forecast on Thursday a less profitable year than expected and said its quarterly profit plunged.

Still, ,the fertilizer maker’s shares rose 0.8 percent to C$137.80, while the materials group, which includes precious and base metals miners and fertilizer companies, added 0.6 percent.

Gold futures fell 0.4 percent to $1,230.5 an ounce but copper prices jumped 4.2 percent to $6,066 a tonne due to a strike at the world’s biggest copper mine in Chile.

Sierra Wireless Inc surged more than 26 percent to C$30.84 after reporting fourth-quarter and full-year 2016 results on Thursday.

Canadian job growth unexpectedly surged in January as hiring in the service sector helped the labor market build on its momentum from the latter part of 2016. (Reporting by Fergal Smith; Editing by Jonathan Oatis)

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