CANADA STOCKS-TSX rises on mounting confidence, golds drag

Thu Apr 16, 2009 5:07pm EDT
 
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* All TSX sectors except the materials group gain

* Gold miners biggest drag on TSX, bullion hits 1-week low

* Confidence rises as earnings reports beat expectations (Updates with closing numbers, analyst's comments)

By Ka Yan Ng

TORONTO, April 16 (Reuters) - Toronto's main stock index rose 1.1 percent on Thursday in a broad rally led by the financial and energy groups as quarterly financial results helped reassure investors.

The index's heavily weighted financial group was up 2.4 percent, supported by a better than expected earnings report from JPMorgan Chase (JPM.N: Quote). The JPMorgan results encouraged the notion that the fragile U.S. sector banking was righting itself. [ID:nN16542451]

The oil and gas group was also a major advancer, lifted by oil prices that rose to around $50 a barrel. [ID:nSP405814]

Research In Motion RIM.TO, the gainer with the biggest heft, was up 6.2 percent, rising on optimism in the technology sector after cellphone maker Nokia said a drop in demand for its products was stabilizing.

The S&P/TSX composite index .GSPTSE finished up 97.26 points, or 1.05 percent, to 9,343.37.   Continued...