CANADA STOCKS-TSX rises in anticipation of bank earnings

Mon May 25, 2009 10:46am EDT
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* TSX up 0.54 percent at 10,047.82

* Financials, up 1.24 percent, lead TSX gain

* Energy, materials shares flat (Adds details, quote)

By Jennifer Kwan

TORONTO, May 25 (Reuters) - Toronto's main stock market index was higher on Monday morning, led up by financial issues in anticipation of this week's start of Canadian bank earnings season, but trade was thin due to the U.S. market holiday.

Financials climbed 1.24 percent as banks are expected to report another profitable quarter, defying global trends, with this spring's stock market rise seen as offsetting higher loan losses and lower income from interest and fees. [ID:nN22381048] [ID:nN22511243]

Royal Bank of Canada RY.TO climbed 1.2 percent to C$42.77 and Manulife Financial MFC.TO rose 1 percent to C$21.85.

"There could be some short-covering ahead of the earnings," said Francis Campeau, broker at MF Global Canada, in Montreal.

At 10:07 a.m. (1407 GMT), the S&P/TSX composite index .GSPTSE was up 54.40 points, or 0.54 percent, at 10,047.82, with nine of its 10 main groups higher.   Continued...