CANADA STOCKS-TSX higher as materials, banks support

Wed Feb 25, 2009 12:08pm EST
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* TSX up 0.47 percent at 7,895.92

* Materials gain 2.61 pct on firm gold

* TD Bank climbs 1 pct after results (Adds details, quote)

TORONTO, Feb 25 (Reuters) - Toronto's main stock index was slightly higher late Wednesday morning, buoyed by strength in the resource-laden materials sector and extending its rally from the previous session.

Materials rose 2.61 percent with many of the gold miners gaining, including Barrick Gold (ABX.TO: Quote), up 4.4 percent at C$40.99 and Goldcorp (G.TO: Quote) climbing 5.3 percent at C$36.90.

The heavily weighted financial services group, which slid 4 percent in early action and helped drag the market lower, rebounded and was up 0.9 percent.

Better than expected results from Toronto-Dominion Bank (TD.TO: Quote) helped to turn the sector around, said Francis Campeau, a broker at MF Global Canada in Montreal.

"We've been able to outperform U.S. markets ... on good financial numbers from TD," Campeau said.

"The fact they were able to keep their dividend is seen as a positive."   Continued...