CANADA STOCKS-TSX rises on reports of effective coronavirus drugs

Feb 5 (Reuters) - Canada’s main stock index rose on Wednesday, boosted by a 3% surge in energy stocks, as sentiment was lifted by reports of drug breakthroughs in treating the fast-spreading coronavirus.

* The energy sector was set to post its biggest percentage gain in two months, as oil prices soared on media reports that scientists have developed a drug to treat the disease that has killed 490 people in China.

* The largest percentage gainers on the TSX were MEG Energy Corp, which jumped 7.5% and Cenovus Energy, which rose 5.6%.

* Also boosting sentiment was data that showed Canada posted a narrower-than-expected trade deficit of C$370 million ($279 million) in December, largely on higher crude exports.

* At 09:41 a.m. ET (14:41 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was on course for their third straight session of gains up 111.68 points, or 0.64%, at 17,624.41

* The materials sector, which includes precious and base metals miners and fertilizer companies, added 0.6% as gold futures rose 0.2% to $1,553.7 an ounce.

* On the TSX, 175 issues were higher, while 54 issues declined for a 3.24-to-1 ratio favouring gainers, with 21.07 million shares traded.

* Bombardier fell 5.2% and was the biggest decliner on the TSX, after surging nearly 18% in the previous session on talks to sell business-jet unit to Textron.

* The second biggest decliner was NovaGold Resources , down 1.9%.

* The most heavily traded shares by volume were Bombardier and StageZero Life Sciences.

* The TSX posted 19 new 52-week highs and no new low.

* Across all Canadian issues there were 84 new 52-week highs and nine new lows, with total volume of 35.11 million shares. (Reporting by Susan Mathew in Bengaluru; Editing by Amy Caren Daniel)