RPT-CANADA STOCKS-TSX ends higher on resource issues, banks

Mon Nov 23, 2009 5:22pm EST
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(Refiles to fix typo in headline)

* TSX up 44.69 points at 11,624.02

* Bank and energy shares power rally (Adds details, comments)

By Cameron French

TORONTO, Nov 23 (Reuters) - Toronto's main stock index pared early gains but ended higher on Monday, touching its highest level in nearly 14 months as an early rally in oil prices powered energy stocks, while financials gained ground ahead of a flood of bank earnings reports.

Despite a late retreat by oil prices -- which ended marginally higher after being up as much as $2 a barrel -- the energy sector closed up 0.71 percent.

Suncor Energy SU.TO rose 1.9 percent to C$38.80, while UTS Energy Corp UTS.TO climbed 3 percent to C$2.09.

Financials, meanwhile, gained 0.51 percent, bolstered by top players such as Royal Bank of Canada RY.TO and Canadian Imperial Bank of Commerce CM.TO, as investors hoped the upcoming first-quarter reporting period would show the continued mending of the sector.

"There's still quite a bit of bullish sentiment for the banks," said Elvis Picardo, an analyst and strategist and Global Securities in Vancouver.   Continued...