TORONTO (Reuters) - The main index of the Toronto Stock Exchange finished about 1.4 percent higher yesterday, as energy and materials producers rallied on the back of stronger commodities.

The price of US crude hit $121.18 a barrel, up $5.62, driven by rising tensions between the US and energy-rich Russia. Petro-Canada climbed more than three percent.

Gold rose above $830 an ounce as the US dollar weakened. Agnico-Eagle Mines was up more than five percent

"(There was) a huge rebound today in commodity prices, so no surprise, the TSX is doing great," said Kate Warne, Canadian market strategist at Edward Jones.

Investors have flocked to energy and resource investments as a shelter from weak financial stocks, which have continued to sputter in the face of tough credit markets and a slowdown in the global economy.

Sal Masionis, a stockbroker at Brant Securities, said it will be "quite a few quarters" before financials stabilise, recover and start to lure investors anew.

"There might be some trades in there, but I think that very few people know how much trouble they're in and what kind of assets they're holding," he said of the sector.

The S&P/TSX composite index rose 189.08 points, or 1.42 percent, to close at 13,539.22.

Overall, six of the 10 main subgroups of the index gained ground, including the heavily weighted energy and materials sectors, which rose 2.33 percent and 3.85 percent, respectively.

Financials edged 0.34 percent lower.

In the oil and gas sector, Petro-Canada climbed 3.2 percent to C$47.93, while Imperial Oil rose 3.7 percent to C$54.67.

Among the day's biggest gainers, Inmet Mining rose 4.8 percent to close at C$65.66. Agnico-Eagle jumped 5.2 percent to end at C$60.75.

Big losers included sportswear retailer Lululemon Athletica , which fell six percent to finish at C$20.38.