CANADA STOCKS-Banks, oils power TSX to fifth weekly gain

Thu Apr 9, 2009 5:26pm EDT
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* TSX up 2.4 percent on day, 1.34 percent on week

* Financials surge 5.7 percent on Wells Fargo news

* Positive sentiment overshadows dismal jobs data

* Oil prices up 5 percent, lift energy stocks

* Telecoms drag as Telus sees lower wireless results (Adds details)

By Ka Yan Ng

TORONTO, April 9 (Reuters) - Toronto's main stock index closed 2.4 percent higher on Thursday, recording its fifth straight weekly gain, as financial issues got a lift from upbeat news from the U.S. banking sector and higher oil prices boosted energy shares.

U.S. bank Wells Fargo & Co WFC.N said it expected to post record first-quarter profit, which fueled investor hopes that the battered U.S. banking sector may be headed for stability. [ID:nN09260398]

The news buoyed shares of Canada's biggest banks and insurers, helping the TSX financial sector jump 5.7 percent. Manulife Financial MFC.TO, the index's main lift, rose 12.23 percent to C$18.50. Toronto-Dominion Bank TD.TO gained 5.1 percent to C$46.75, while Royal Bank of Canada RY.TO climbed 4.3 percent to C$39.58.   Continued...