CANADA STOCKS-TSX rallies on oil, bank results

Thu May 28, 2009 5:08pm EDT
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* TSX finishes up 2.47 percent at 10,392.37

* Energy shares up 3.56 pct, oil settles above $65/barrel

* Financial shares rise 2.74 percent on bank results (Adds details, quote)

By Jennifer Kwan

TORONTO, May 28 (Reuters) - Toronto's main stock market index rallied on Thursday as energy shares climbed in tandem with oil prices and financial shares gained as results from some of Canada's big banks topped market expectations.

Four banks reported results on Thursday that were stronger than expected, even as they set aside more money to cover bad loans. [ID:nN28311974]

Shares of Toronto-Dominion Bank TD.TO climbed 6.8 percent to C$53.69, while Bank of Nova Scotia BNS.TO rose 0.4 percent to C$37.90. National Bank of Canada NA.TO was up 3.6 percent at C$51.30.

The bank earnings helped to fuel optimism about an economic recovery, said Paul Harris, portfolio manager at Avenue Investment Management.

"People are feeling that the worst may be over or things are getting better, and at least there's a stabilization in the financial system," he said.   Continued...