CANADA STOCKS-TSX gains 1 percent on financials, energy

Tue Apr 21, 2009 4:42pm EDT
 
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* TSX rises 121.02 points to 9,247.17

* Rise in oil prices lifts energy issues

* Financials climb on optimism for U.S. banks (Adds official close, comment)

By Cameron French

TORONTO, April 21 (Reuters) - Toronto's main stock index made solid gains on Tuesday, spurred by stronger oil prices and optimistic comments from U.S. Treasury Secretary Timothy Geithner, while Teck Cominco TCKb.TO soared 37 percent on news it had deferred billions in debt payments.

The modest climb in oil prices boosted the heavily weighted energy group by 1.86 percent, while financials climbed 2.8 percent after Geithner said the majority of U.S. banks have more capital than they need in order to be be considered well capitalized. [ID:nN21535633].

Bank of Nova Scotia BNS.TO surged 5.6 percent to C$34.33, while insurer Sun Life Financial SLF.TO gained 5.5 percent to C$28.32.

All told, the S&P/TSX composite index .GSPTSE climbed 121.02 points, or 1.33 percent, to 9,247.17, overcoming weakness just after markets opened. Eight of the 10 main TSX sectors rose during the session.

The gain follows a 3.3 percent tumble in the previous session, but comes as equity markets have been on a steady, upwards trajectory since early March.   Continued...