CANADA STOCKS-TSX rises on optimism on U.S. stimulus

Fri Nov 28, 2008 5:45pm EST
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* Financials soar 11.8 percent, track U.S. stocks

* TSX up 13.7 pct for the week, biggest gain in decades

* Index fell 5 pct in November (Adds details)

By Jennifer Kwan

TORONTO, Nov 28 (Reuters) - Toronto's main stock index rose for a sixth straight session and logged its biggest weekly rise in decades on Friday on hopes that U.S. stimulus efforts unveiled this week would help boost Canada's main trading partner.

After adjusting more than 150 points higher minutes after the closing bell, the S&P/TSX composite index .GSPTSE ended the day up 516.85 points, or 5.9 percent, at 9,270.62.

The TSX was up 13.7 percent for the week, its biggest gain in about 30 years, but down 5 percent for the month.

The financial services sector surged 11.8 percent, drawing support from buoyant U.S. stocks. Heavily weighted Royal Bank of Canada RY.TO rose 11.1 percent to C$43.18, while Manulife Financial MFC.TO was up 18.4 percent at C$24.00.

The hope is that stimulus efforts this week in the United States -- including an $800 billion lending facility by the Federal Reserve -- could signal a sustained rally, said Andrew Pyle, wealth adviser with ScotiaMcLeod in Peterborough, Ontario.   Continued...