Dec 23 (Reuters) - Canada"s main stock index jumped to an over three-week high on Thursday, as early data suggested the Omicron variant of the coronavirus was less severe than feared, while gains in industrial shares further lifted the sentiment. At 9:38 a.m. ET (14:38 GMT), the Toronto Stock Exchange"s S&P/TSX composite index (.GSPTSE) was up 96.76 points, or 0.46%, at 21,166.81, extending gains for the third consecutive session. Leading gains was industrial sector (.GSPTTIN), up 0.8%, with airlines Bombardier Inc and Air Canada (AC.TO) rising over 2% each. The energy sector (.SPTTEN) rose 0.4% as U.S. crude prices were up 0.2% a barrel, while Brent crude added 0.2%. The risk of needing to stay in hospital for patients with the Omicron variant is 40% to 45% lower than for patients with the Delta variant, according to research by London"s Imperial College published on Wednesday. read more "People are starting to realize the Omicron variant is not as bad as some of the other waves we"ve had. So we"re starting to see recovery in the commodities and investor sentiment, which really has been hurt earlier in the month," said Gregory Taylor, portfolio manager at Purpose Investments. Markets have been volatile this month as rising infections due to the Omicron variant of the coronavirus have forced countries to reinstate restrictions and refueled concerns about a slowdown in global economic recovery. Limiting further advances was the materials sector (.GSPTTMT), which includes precious and base metals miners and fertilizer companies, as it lost 0.5%. On the economic front, Canada"s economy likely expanded for the sixth consecutive month in November, after matching expectations in October on broad-based increases including a manufacturing rebound, official data showed. read more HIGHLIGHTS The TSX posted eight new 52-week highs and one new low. Across all Canadian issues there were 35 new 52-week highs and four new lows, with total volume of 25.79 million shares.