CANADA STOCKS-TSX ends higher, extends gains for 6th week

Fri Apr 17, 2009 4:39pm EDT
 
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* TSX adds 1 pct amid broad gains

* Financials, energy lead advances

* Investor confidence returning, analysts say

By Wojtek Dabrowski

TORONTO, April 17 (Reuters) - Toronto's main stock index finished the week on a firmly positive note on Friday, as investors shook off an $850 million writedown by Canada's biggest bank and instead snapped up equities in a broad-based rally.

All but two of the 10 main groups in the benchmark S&P/TSX composite index .GSPTSE rose, including the heavyweight energy and financial sectors, which added 1.6 percent and 2.14 percent, respectively.

The broad gains came even as Royal Bank of Canada RY.TO posted the big writedown on the value of its international businesses. Regardless, Royal's shares rose 1.9 percent to C$43.15.

"It tells you we're in a bull market," said Sal Masionis, a stockbroker at Brant Securities. "On bad news, the stock took it all in stride and kept on running up."

The S&P/TSX composite added 94.28 points, or 1.01 percent, to close at 9,437.65. The TSX was up 2.7 percent on the week, marking its sixth-straight week of gains.   Continued...