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. Genuity Capital Markets also raised its share-price targets for Bank of Nova Scotia BNS.TO, Canadian Imperial Bank of Commerce CM.TO, and TD, and cut its targets for Bank of Montreal BMO.TO, 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...