CANADA STOCKS-TSX rallies on Greece hopes; financials lead gains

Mon Jun 22, 2015 11:26am EDT
 
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(Adds details, commentary, market moves throughout)

* TSX up 121.3 points, or 0.83 percent, to 14,774.42

* Nine of the TSX's 10 main groups rise

TORONTO, June 22 (Reuters) - Canada's main stock index rallied broadly on Monday, bolstered by market optimism that an eleventh-hour deal could be reached between debt-laden Greece and its creditors.

Global markets, which had been growing increasingly nervous over the possibility Greece will default and the surrounding uncertainty, cheered on Monday on signs of a deal emerging from last-minute meetings.

"Going into June, markets really didn't believe Greece might default and leave the European Union, but over the last 10 days it had become a very realistic probability," said Julie Brough, vice president at Morgan Meighen & Associates.

"Now, with a new proposal ... You're getting a tentative rally off of that, though clearly not recovering everything that we've lost over it."

The most influential movers on the index were Royal Bank of Canada, which rose 1.30 percent to C$77.82, and Bank of Nova Scotia, which advanced 1.6 percent to C$65.37.

The financials group, which Brough noted was among the interest-sensitive sectors seeing a rebound, climbed 1.1 percent.   Continued...