CANADA STOCKS-TSX ends 3-day tumble as banks, gold shine

Thu Feb 25, 2010 4:32pm EST
 
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* TSX index climbs 0.95 percent to 11,631.44

* Banks higher on healthy quarterly results

* Golds gain as precious metal turns higher (Adds details)

By Ka Yan Ng

TORONTO, Feb 25 (Reuters) - Toronto's main stock index closed higher on Thursday after a three-day slide as stronger than expected bank earnings and a firm gold price lifted two of the index's biggest sectors.

The financials group was up about 1.08 percent, spurred by healthy results from Canadian Imperial Bank of Commerce CM.TO and National Bank of Canada NA.TO.

The results kicked off the financial sector's earnings season, and raised the outlook for rivals' profits next week. [ID:nN25244939]

All six big banks rose, with CIBC up 3.14 percent at C$69.95, while National gained 1.9 percent to C$59.73.

"The financials came alive due to the earnings...and that whole sector propped up Toronto most of the day," said Steve Ibel, institutional equities trader at Beacon Securities in Halifax, Nova Scotia.   Continued...