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

Mon Sep 28, 2009 10:18am EDT
 
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 * 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: Quote) rising 1.6 percent to C$40.17, while
Goldcorp (G.TO: Quote) 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: Quote) rallied 0.8 percent
to C$57.48, while Toronto-Dominion Bank (TD.TO: Quote) 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)