CANADA STOCKS-TSX snaps 3-day decline on commodities, banks

Thu May 14, 2009 4:49pm EDT
 
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* TSX closes up 1.44 percent at 9,849.20

* Resource sectors turn higher, gold and oil firm (Adds details)

By Ka Yan Ng

TORONTO, May 14 (Reuters) - Toronto's main stock index ended a three-day slide on Thursday, climbing nearly 140 points as the big materials, energy and financials sectors led a broadbased rally.

The materials and energy groups began the session lower, spurred by soft commodity prices. But both eventually gained momentum to the upside, recovering a portion of Wednesday's steep losses.

The energy sector finished ahead 1.52 percent as crude prices climbed on renewed economic optimism. [ID:nN14507104]

Materials gained 1.41 percent, backed by strength in gold in a mixed session. [ID:nLE725830]

"Golds were strong, gathered strength all day. They were one of the better performing groups," said John Ing, president of Maison Placements Canada.

Financials rose 1.66 percent after retreating for three straight sessions in what analysts called a "consolidation" phase.   Continued...