CANADA STOCKS-TSX powers higher on banks, energy sector

Thu Jun 4, 2009 5:11pm EDT
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* TSX rallies 187.12 points to 10,477.24

* Financials rise on U.S. bank sector upgrade

* Energy shares chip in as oil prices jump (Adds details)

By Frank Pingue

TORONTO, June 4 (Reuters) - Toronto's main stock index ended nearly 2 percent higher on Thursday as a rally in oil prices boosted the weighty energy group, while financials surged after an upgrade to the U.S. banking sector.

The energy group exited the session up 2.8 percent, a move credited largely to the surge in oil prices to a seven-month high on hopes for an economic recovery.

Shares of Suncor Energy SU.TO, the biggest driver of the latest rally, rose 4.9 percent to C$37.50, while Petro-Canada PCA.TO shares ended up 4.8 percent at C$47.15.

On Thursday, shareholders of both companies voted overwhelmingly in favor of Suncor's C$22.2 billion ($20.2 billion) takeover of Petro-Canada. [ID:nTOD004102]

Another key reason for the TSX's rebound from Wednesday's session was the turn higher in the financial index, which accounts for about 33 percent of the broader index.   Continued...