UPDATE 2-Toronto stocks rally along with financials

Thu Aug 28, 2008 4:46pm EDT
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*TSX climbs 1.6 percent as banks lead

*TD jumps 5.4 percent after it raises dividend

*Lower oil prices boost wider market (Updates closing numbers, adds details, quotes)

TORONTO, Aug 28 (Reuters) - The Toronto Stock Exchange's main index powered to its second triple-digit gain in a row on Thursday as major banks climbed after releasing results that were not as bad as some analysts feared.

Toronto-Dominion Bank TD.TO was the biggest gainer by weight after it boosted its dividend, the only Canadian bank to do so this quarter.

Royal Bank of Canada RY.TO, the country's biggest bank, also led the way up after it beat market expectations and took lower writedowns than many analysts had anticipated.

TD rose 5.4 percent to C$62.56, while Royal jumped 6.3 percent to C$48.13. The sector rallied 4.2 percent. See: [ID:nN27481500]

"There's a signal there for the market that people are putting a lot of this financial crisis behind them, finally," said Lex Kerkovius, senior research analyst at McLean & Partners Wealth Management Ltd. in Calgary.

The S&P/TSX composite index .GSPTSE closed up 219.83 points, or 1.62 percent, at 13,750.48.   Continued...