September 14, 2009 / 8:45 PM / 8 years ago

CANADA STOCKS-Financials help lift TSX to 2009 closing high

2 Min Read

* TSX up 78.81 points, or 0.7 pct at 11,332.04

* Financial, energy among big winners

* Materials group the lone decliner (Adds comments, details, official closing data)

By Wojtek Dabrowski

TORONTO, Sept 14 (Reuters) - Toronto's main stock index finished at a 2009 closing high on Monday as heavyweight energy and financial issues led a broad rally.

All but one of the TSX's ten main subgroups ended higher, with the energy sector adding 0.86 percent and financials gaining 1.32 percent.

The sole decliner was the resources-laden materials group, which slipped 0.87 percent.

"This is typically supposed to be a really volatile month and it's proved to be quite the contrary, actually," Elvis Picardo, vice-president of research at Global Securities in Vancouver, said of the gains made in recent sessions.

"There continues to be a lot of confidence in Canadian banks."

Indeed, banks and other financial institutions were among the winners on Monday: Canadian Imperial Bank of Commerce (CM.TO) rose 1.4 percent to end at C$63.85. Fairfax Financial (FFH.TO) rose 3.8 percent to close at C$385. Insurance group Sun Life Financial (SLF.TO) rose 2.9 percent to end at C$31.23.

Losers included some of the country's top mining names. Royal Gold RGL.TO fell 3.1 percent to finish at C$50.39. Barrick Gold (ABX.TO) gave up 1.6 percent to close at C$40.51.

The S&P/TSX composite index .GSPTSE rose 78.81 points, or 0.7 percent, to close at 11,332.04.

Gavin Graham, director of investments at BMO Asset Management, said that large equity offerings, such as Barrick's $4 billion deal last week, are helping to build optimism -- despite continuing job losses.

"The risk appetite has returned," he said. "Whether that's justified is a completely different question."

$1=$1.08 Canadian Reporting by Wojtek Dabrowski; editing by Rob Wilson

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