Imperial Oil profit jumps more than 6fold on crude price rally
Auto parts maker Magna misses profit estimates as costs bite
Canada Q2 GDP set to grow more than expected
TSX rises 0.9

July 29 Reuters Canada39;s resourceheavy main stock index rose on Friday, helped by strong company earnings, while data showing Canadian economy most likely grew above Bank of Canada39;s projection boosted expectations of another big hike in September.

The index is on track to snap its threemonth slump, up 4 in July, helped by a rally in crude prices, strong earnings and a recovery in many industrial and technology stocks.

At 1010 a.m. ET 1410 GMT, the Toronto Stock Exchange39;s SPTSX composite index was up 179.79 points, or 0.92, at 19,636.5.

Boosting the index, oil major Imperial Oil Ltd gained 3.5 on reporting a more than sixfold jump in secondquarter profit, as the energy company benefited from a surge in energy prices after the Russian invasion of Ukraine.

It is really encouraging to see the special dividends and buybacks being announced by these companies and it39;s a good reminder for investors as to how much cash flow is being generated by the big energy companies who are dependent on the higher prices, said Greg Taylor, portfolio manager at Purpose Investments.

Energy stocks advanced 2.6. Energy is the best performing sector so far this year, up about 45, helping the commodity heavy TSXSP index outperform its U.S. and European peers.

Meanwhile, the Canadian economy most…