CANADA STOCKS-TSX ends skid, rises on banks, energy issues

Thu Jun 18, 2009 5:09pm EDT
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* TSX rises 55.39 points to 10,121.50

* Snaps four-session losing streak

* Energy and banks drive gains (Adds details)

By Frank Pingue

TORONTO, June 18 (Reuters) - Toronto's main stock index ended higher on Thursday, snapping a four-session skid, as bank shares rebounded and a rise in oil prices boosted energy shares.

Financial shares, which account for about a third of the TSX index, recouped ground lost during Wednesday's session as fresh data offered hope that the recession-hit U.S. economy is stabilizing. [ID:nN18379372]

Shares of Royal Bank of Canada (RY.TO: Quote), the biggest driver behind the gains, rose 2.4 percent to C$45.09, followed by Bank of Nova Scotia (BNS.TO: Quote), which ended up 2.6 percent at C$40.30.

The TSX is now down 4.9 percent on the week after staging a four-week rally that included a run up to near an eight-month high of 10,726.01 last week. That high put it 43 percent above the five-year low it hit in March.

"The market has had a huge move up and it's backing and filling, but I think overall we are looking for more corrective action," said Sal Masionis, a stockbroker at Brant Securities. "It's very choppy and there is no real trend, so it really is just difficult to get excited either way."   Continued...