CANADA STOCKS-TSX powers higher for 6th straight session

Tue Jan 6, 2009 6:20pm EST
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* TSX posts triple-digit gains in 5 of last 6 sessions

* Index hits highest level since Nov. 11

* Financials lead, Royal Bank launches pref share issue

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

By Ka Yan Ng

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

The three groups were heavily battered in the fourth quarter and have recently strung together large gains, helping the Toronto Stock Exchange hit its best level since Nov. 11.

The financial group shot up 3.6 percent as Royal Bank of Canada RY.TO became the third bank this week to launch a preferred share offering to bolster its capital ratios.

Canada's biggest bank, announced a C$200 million preferred share offering, following offerings on Monday from Toronto-Dominion Bank TD.TO and National Bank of Canada NA.TO. [ID:nN06417204]   Continued...