UPDATE 1-Toronto stocks rise broadly, led by oils, banks

Tue Sep 23, 2008 10:35am EDT
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*Financials rise as Bernanke, Paulson to talk to Congress

*Materials sector slumps as base metals prices fall

*Fairfax rises on report it looking at AIG assets

(Adds details)

TORONTO, Sept 23 (Reuters) - The Toronto Stock Exchange's main index was higher on Tuesday morning due to strength in energy and financial stocks ahead of key congressional testimony on the $700 billion U.S. financial bailout plan.

The architects of the rescue plan, U.S. Federal Reserve Chairman Ben Bernanke and U.S. Treasury Secretary Henry Paulson, were set to urge Congress on Tuesday to act quickly to buy up billions of tainted mortgage assets. [ID:nN13574113]

As well, markets digested the possible sale of Lehman Brothers Holdings Inc's LEHMQ.PK European arm, seen as the next step in Wall Street's makeover.

Shortly after the open, the S&P/TSX composite index .GSPTSE was up 90.98 points, or 0.72 percent, at 12,729.05, climbing from a slightly lower open. All but one of its 10 main groups were higher.

The rise comes after a 2 percent tumble on Monday, as worries over the effectiveness of the bailout plan seized the market.   Continued...