CANADA STOCKS-TSX powers higher for 6th straight session

Tue Jan 6, 2009 5:06pm EST
 
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* TSX posts triple-digit gains in 5 of last 6 sessions

* Financials lead, Royal Bank launches pref share issue

* Oil sector gains despite crude retreat, materials up (Updates figures, adds details)

By Ka Yan Ng

TORONTO, Jan 6 (Reuters) - Toronto's main stock index finished higher on Tuesday for a sixth straight session on strength across its three biggest sectors -- financials, energy, and materials.

The financial group shot up 3.6 percent as a third Canadian bank launched a preferred share offering this week to bolster its capital ratios and capital structure.

Royal Bank of Canada (RY.TO: Quote), Canada's biggest bank, announced a C$200 million preferred share offering to bolster its capital ratios and capital structure. [ID:nN06417204]

That follows offerings on Monday from Toronto-Dominion (TD.TO: Quote) and National Bank of Canada (NA.TO: Quote). Genuity Capital Markets also raised its share-price targets for Bank of Nova Scotia (BNS.TO: Quote), Canadian Imperial Bank of Commerce (CM.TO: Quote), and TD, and cut its targets for Bank of Montreal (BMO.TO: Quote), Royal and National.

Manulife Financial (MFC.TO: Quote) was the biggest mover on the index for the second day in a row, up 6 percent at C$24.11.   Continued...