CANADA STOCKS-Financials, oils power TSX higher

Thu Apr 9, 2009 4:33pm 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 (Updates to close)

By Ka Yan Ng

TORONTO, April 9 (Reuters) - Toronto's main stock index closed up 2.4 percent on Thursday as financial issues got a lift from upbeat news from the U.S. banking sector, while climbing oil prices boosted energy shares.

U.S. bank Wells Fargo & Co (WFC.N: Quote) 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 new buoyed shares of Canada's biggest banks and insurers, helping the TSX financial sector jump 5.7 percent. Manulife Financial, the main lift on the index, rose 12.23 percent to C$18.50. Toronto-Dominion Bank (TD.TO: Quote) gained 5.1 percent to C$46.75, while Royal Bank of Canada (RY.TO: Quote) climbed 4.3 percent to C$39.58.

The U.S. banking news was also a welcome distraction from domestic data that showed the Canadian economy posted higher than expected job losses in March.   Continued...