CANADA STOCKS-TSX hits 2-week high as risk appetite returns
* TSX up 236.46 points at 11,486.88
* Big three sectors, oil, materials, banks, solidly higher
* G20 weekend meeting fuels investor optimism (Updates to close, adds quote)
TORONTO, Nov 9 (Reuters) - Toronto's main stock index rose to a two-week high on Monday after a pledge from the Group of 20 to pursue economic stimulus measures until recovery is in place encouraged investors to let go of the safe-haven U.S. dollar and embrace riskier assets.
Financial issues were also big contributors to the rally, with several banks among the index's top 10 gainers. Toronto-Dominion Bank (TD.TO: Quote), climbed 3.1 percent to C$66.59, and Royal Bank of Canada (RY.TO: Quote) rose 2.2 percent rise to C$56.44.
"The No. 1 driver was the weakness in the U.S. dollar. Everybody is marching to that drum," said Sal Masionis, stockbroker at Brant Securities.
The dollar fell to a 15-month low against a basket of major currencies on Monday after the Group of 20 finance ministers and central bankers said at the end of a weekend meeting in Scotland that while the global economy has improved, recovery is still uneven and depends on policy support, which they vowed to provide until recovery was assured. [ID:nLQ516726]
That helped boost appetite for risk, sending oil up more than 2 percent to above $79 a barrel and lifted gold prices to a record high above $1,110 an ounce. [O/R] [GOL/]
The S&P/TSX composite index .GSPTSE closed 236.46 points, or 2.1 percent, higher at 11,486.88, with nine of its 10 main groups up. Earlier in the day, the index touched 11,488.27, its highest level since Oct. 26. It was the index's fifth straight session of gains.
($1=$1.06 Canadian) (Reporting by Jennifer Kwan; editing by Peter Galloway)
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