CANADA STOCKS-TSX rises for third session, buoyed by banks

Mon Apr 13, 2009 5:33pm EDT
 
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* TSX finishes up 1.07 percent at 9,285.62

* Market focus on this week's quarterly U.S. bank reports

* Energy sector fights back after taking hit from oil drop (Adds details)

By Ka Yan Ng

TORONTO, April 13 (Reuters) - Toronto's main stock index rose 1 percent on Monday to finish higher for a third straight session with financial issues buoyed by optimism that quarterly U.S. bank results this week will show the sector has stabilized after being shaken hard in the global financial crisis.

Bets that the U.S. financial group will post reassuring results pushed up the main Toronto index's financial sector 2 percent. Royal Bank of Canada RY.TO rose 2.58 percent to C$40.60.

Among other top gainers were Toronto Dominion Bank TD.TO, up 2.46 percent at C$47.90, and Manulife Financial MFC.TO, up 2.59 percent at C$18.98.

"We're kind of back in the mentality that the first-quarter earnings, at least on the financial side, are going to be fairly good. Step one is to try to get some solid earnings in that sector," said Andrew Pyle, a wealth advisor at ScotiaMcLeod in Peterborough, Ontario.

He said that if U.S. banks report positive results, then that will suggest that credit conditions overall have probably started to improve, as well as the availability and access to capital.   Continued...