UPDATE 3-Banks give Toronto stocks a big lift

Thu Aug 28, 2008 5:18pm 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 (Adds details, quotes)

By Leah Schnurr

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: Quote) 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: Quote), the country's biggest bank, also jumped 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 climbed 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.   Continued...