CANADA STOCKS-TSX rises with oil price, TD results

Wed Feb 25, 2009 5:14pm EST
 
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* TSX rises 0.93 percent to 7,932.30

* Financials lead TSX higher

* TD Bank climbs 1.7 pct after results (Adds details, quote)

By Jennifer Kwan

TORONTO, Feb 25 (Reuters) - Toronto's main stock index rose on Wednesday for a second straight session as energy issues gained on stronger oil prices and financials got a boost from smaller-than-expected drop in quarterly profit at Toronto-Dominion Bank (TD.TO: Quote). [ID:N25325226]

"The (TD) results were pretty decent given the environment we are in and I think that is sparking a relief rally in Canadian bank shares," said Elvis Picardo, analyst and strategist at Global Securities in Vancouver.

The financial sector finished the day up 3.1 percent after sliding 4 percent in early action. Royal Bank of Canada (RY.TO: Quote) rose 5.3 percent to C$29.99, and Bank of Nova Scotia (BNS.TO: Quote) added 4.2 percent to finish at C$27.34.

TD Bank, Canada's second-largest bank, rose 1.7 percent to C$35.85.

Manulife Financial (MFC.TO: Quote) was up 1.3 percent at C$13.68. Manulife, Canada's largest insurer, said on Wednesday it will raise the number of shares it will offer in its current preferred share issue. [ID:nN25491671]   Continued...