CANADA STOCKS-TSX jumps on bank profits, resource gains

Thu Mar 1, 2012 5:07pm EST
 
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* TSX up 79.45 pts, or 0.63 pct, at 12,723.46

* Bank earnings, resource issues boost index

* Royal, TD profits top forecasts, dividends up

* China, U.S. data help metals, oil

* Bombardier, RIM profit concerns weigh

By Jon Cook

TORONTO, March 1 (Reuters) - Canadian stocks rose on Thursday following a sharp selloff the previous session, encouraged by stronger-than-expected earnings from Canada's top two banks, surging oil prices, and upbeat economic data from China and the United States.

Royal Bank of Canada and Toronto-Dominion Bank pushed the index's financial sector up 1.1 percent after the banking heavyweights' earnings topped estimates and both raised their dividends.

Shares of RBC, the country's largest bank, shot up 2 percent to C$56.80, and No. 2 lender TD was up 1.4 percent at C$82.   Continued...