CANADA STOCKS-TSX rides banks higher, ends losing streak

Thu Jun 18, 2009 4:32pm EDT
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* TSX rises 55.39 points to 10,121.50

* Snaps four-session losing streak

* Energy and banks drive gain (Adds details, comments and official numbers)

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 33 percent of the TSX index, recouped ground lost during Wednesday's session as 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 TSX gain, 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 to a near 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, 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...