CANADA STOCKS-TSX rises on commodities, financials

Thu Mar 12, 2009 12:09pm EDT
 
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* TSX rises 0.74 percent at 8,070.19

* Financials up 1.5 percent

* Energy issues climb 0.8 percent as crude rises (Adds details, quotes)

By Jennifer Kwan

TORONTO, March 12 (Reuters) - Toronto's main stock index rose late Thursday morning as resource shares climbed in tandem with commodity prices and financials extended gains for a third session on hopes that the global banking crisis is easing.

Gold miners, boosted by higher bullion prices, were among the biggest contributors to the index's rise. Barrick Gold (ABX.TO: Quote) was up 4.7 percent at C$37.00, while Goldcorp (G.TO: Quote) rose 1.9 percent to C$36.69.

Energy issues rose 0.8 percent as oil climbed back above $43 a barrel after sliding in the previous session. Canadian Natural Resources (CNQ.TO: Quote) rose 1.3 percent to C$45.46.

Financials were up 1.6 percent, with Royal Bank of Canada (RY.TO: Quote) ahead 1.6 percent at C$34.10, on optimism that the worst is over for the beleaguered banking sector.

Jennifer Radman, vice president and portfolio manager at Caldwell Investment Management Ltd, sees "a confidence game" being played out in the markets.   Continued...