September 28, 2009 / 2:20 PM / 8 years ago

CANADA STOCKS-TSX up more than 1 percent in broad rally

 * TSX up 115.10 points at 11,327.49
 * All 10 TSX index sectors drive early gain
 * Strong corporate earnings anticipated  (Adds details and comments)
 By Frank Pingue
 TORONTO, Sept 28 (Reuters) - Toronto’s main stock index was comfortably higher on Monday morning in a broad rally as anticipation of strong corporate earnings persuaded investors to return to equities after last week’s selloff.
 Gold-mining companies led the rally with shares of Barrick Gold Corp (ABX.TO) rising 1.6 percent to C$40.17, while Goldcorp (G.TO) shares were 1.3 percent higher at C$42.60.
 Investors also moved back into heavily weighted financials after the sector slipped last week, driving the group up 1 percent early in the session.
 Shares of Royal Bank of Canada (RY.TO) rallied 0.8 percent to C$57.48, while Toronto-Dominion Bank (TD.TO) shares were up 1 percent at C$68.19.
 At 10:10 a.m. (1410 GMT), the S&P/TSX composite index .GSPTSE was up 115.10 points, or 1.03 percent, at 11,327.49.
 The TSX slipped 2 percent last week but investors jumped back in to start the week ahead of quarter-end on Wednesday, which will be followed shortly by the release of quarterly results from Canadian companies.
 “There really seems to be a buy on dips mentality,” said Ian Nakamoto, director of research at MacDougall, MacDougall & MacTier. “The economic indicators continue to be good, I think the earnings will be good and so the undertone is good even though we’ve moved up a lot and people keep looking for that big correction.”
 The TSX is up 51 percent since falling to a five-year low in March.
 ($1=$1.09 Canadian)   (Editing by Peter Galloway)                                      

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