CANADA STOCKS-TSX buoyed by OECD's economic outlook

Wed Jun 24, 2009 4:30pm EDT
 
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* TSX rises 204.21 points to 10,100.93

* Banks and insurers lead latest rally

* TSX still down 1.8 percent on the week (Adds details, comments and official numbers)

By Frank Pingue

TORONTO, June 24 (Reuters) - Toronto's main stock index shot higher on Wednesday after an OECD report said the global economic outlook has improved for the first time in two years.

The TSX index's financial group led the index higher with a gain of 2.74 percent after the Organization for Economic Cooperation and Development said the outlook has improved for the first time in two years. [ID:nLN270829]

That helped lift shares of Royal Bank of Canada RY.TO 3.2 percent to C$45.49, while insurer Manulife Financial MFC.TO followed with a gain of 4.2 percent to C$21.09.

The rise came after Tuesday's modest gain and Monday's 453-point selloff, which was spurred by a World Bank warning that prospects for the global economy remained "unusually uncertain". [ID:nSGP000012] Monday's drop was the TSX index's biggest point loss since December.

All 10 of the TSX index's sectors rallied on Wednesday after the OECD said that the slowdown in its 30 member countries was near the bottom.   Continued...