CANADA STOCKS-Financials, energy issues power TSX higher

Tue Apr 21, 2009 5:16pm EDT
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* TSX rises 1.3 percent to 9,247.17

* Gains follow 3.3 percent tumble on Monday

* Rise in oil prices lifts energy issues

* Financials climb on optimism for U.S. banks (Adds details)

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].

"The financials were very strong on both sides of the border," said Elvis Picardo, a strategist at Global Securities in Vancouver.

"I think the treasury secretary's comments served to give investors some assurance."   Continued...