CANADA STOCKS-Surging financials lead TSX higher

Mon Jul 27, 2009 10:47am EDT
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* TSX up 0.55 percent at 10,746.17

* Financials top gainers, rises 1.82 pct

* 8 of 10 most influential gainers were financials (Adds details, comments

By Ka Yan Ng

TORONTO, July 27 (Reuters) - Toronto's main stock index was higher on Monday, with financials leading the way on economic recovery hopes.

Similar to Friday's session, financials were almost single-handedly responsible for propping up the TSX index as most of the other sectors fell.

At 10:27 a.m. (1427 GMT), the S&P/TSX composite index .GSPTSE was up 58.27 points, or 0.55 percent, at 10,746.17. Four of the index's 10 main groups were higher, led by a 1.82 percent gain in financials. Earlier the index had risen more than 1 percent.

The S&P/TSX 60 .TSE60 was up 0.4 percent at 651.37.

Insurers were among the most influential advancers, with Manulife Financial MFC.TO up 5.52 percent at C$25.99, while Sun Life SLF.TO rose 5.9 percent to C$36.97.   Continued...