CANADA STOCKS-TSX gains 1 pct on strength in resources, banks

Fri May 21, 2010 4:38pm EDT
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* TSX up 115.40 points, or 1.01 pct, at 11,521.35

* Recovers from early near 2 pct drop, lowest since Feb.9

* Nine of 10 sectors higher

* Index down 4 percent for the week (Updates to close, adds details)

By Jennifer Kwan

TORONTO, May 21 (Reuters) - Toronto's main stock index ended a six-session losing streak on Friday, led by resources and bank shares, as some positive developments in Europe and recent price declines helped spur investor buying.

The resource-heavy index fought back from a 14-week low touched earlier on Friday, led higher by a 1.7 percent rise in the hefty energy sector, while materials moved up by 0.7 percent. Financials climbed 0.9 percent.

"We were due for a short-term trading bounce," said John Johnston, chief strategist for Harbour Group at RBC Dominion Securities.

"The selloff was getting extended, which means in the short term maybe the bad news was getting a little over-discounted," he said.   Continued...