UPDATE 3-Toronto stocks rise as financials surge

Wed Jul 16, 2008 4:50pm EDT
 
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*Financial shares lead jump in Toronto stocks

*Wells Fargo results allay some U.S. mortgage worries

*Energy and resources slide as oil and gold prices decline

By Wojtek Dabrowski

TORONTO, July 16 (Reuters) - The Toronto Stock Exchange's main index finished nearly 150 points higher on Wednesday as surprisingly strong quarterly results from a U.S. bank invigorated the financial sector and helped the benchmark shake off a weak showing by energy and materials issues.

Seven of the 10 main groups of the S&P/TSX composite index .GSPTSE moved higher, including financials, which surged 5.9 percent after Wells Fargo & Co (WFC.N: Quote), the fifth-biggest U.S. bank, posted results that eased investor fears about mortgage losses.

Toronto-Dominion Bank rose C$4.06, or 7.6 percent, to close at C$57.57 -- the session's second biggest net gain. National Bank of Canada (NA.TO: Quote) came in third, adding C$3.89, or 8.5 percent, to end at C$49.64.

The biggest net gainer of the day was BlackBerry maker Research In Motion RIM.TO, whose volatile shares swung C$4.79, or 4.5 percent, higher at C$111.00   Continued...