3 Min Read
* TSX up 118.13 points at 9,366.50
* Gold-miners and energy shares lead rally
* Financial bounce back after lower start (Adds details and comments)
By Frank Pingue
TORONTO, April 22 (Reuters) - Toronto's main stock index was comfortably higher on Wednesday morning after a flat open as weighty bank issues turned higher and a rise in bullion prices offered a boost to gold-miners.
The financials index was down 1 percent early in the session after U.S. investment bank Morgan Stanley (MS.N) reported a quarterly loss. But the sector rebounded to post a gain of 0.8 percent, helping the broader TSX turn sharply higher. [ID:nN22534760]
"People almost prefer to see these these things open lower before they stick their toe in the water," said Bruce Latimer, trader at Dundee Securities.
At 10:30 a.m. (1430 GMT), the S&P/TSX composite index .GSPTSE was up 118.13 points, or 1.29 percent at 9,366.50, after it spent the first 30 minutes of the session around the break-even level. Eight of its 10 main sectors were higher.
A 1.4 percent climb by the materials sector, which includes gold-miners, also helped steer the TSX higher.
EnCana Corp (ECA.TO) rose 3.5 percent to C$54.53 after it reported a first-quarter profit that handily topped expectations. [ID:nN21497450]
The energy group was up 1.67 percent, the most among the TSX's 10 sectors. It also drew support from a rise in the price of oil ahead of U.S. government inventory data.
The TSX hit a five year low in early March, but then went on an extended rally and is up about 25 percent from that low.