Oct 13 - Canada's main stock index jumped on Friday, set for its first weekly gain in four, as energy and materials stocks soared on higher commodity prices, while upbeat results from big U.S. banks pushed the financials sector higher.
The materials sector , which includes miners and fertilizer companies, jumped 1.9% to its highest in over two weeks, as gold prices soared after U.S. bond yields lowered and safe-haven demand rose amid conflict in the Middle East. "There's definitely a flight to safety when we look at oil and gold over what may happen next in the Middle East," said Mike Archibald, portfolio manager at AGF Investments.JPMorgan Chase and Wells Fargo reported higher profits in the third quarter as the U.S. lenders benefited from higher interest on loans, while Citigroup also topped estimates on surging investment banking fees.
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