CANADA STOCKS-TSX gains 2 pct as banks accelerate gains

Tue May 26, 2009 2:17pm EDT
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TORONTO May 26 (Reuters) - Toronto's main stock index gained 2 percent on Tuesday as the financial group barreled higher on investor relief that the start of Canadian bank reporting season was better than expected.

The S&P/TSX composite index .GSPTSE was up 200.96 points, or 2.0 percent, at 10,270.46. Nine of the index's 10 main groups were higher, led by a 4.1 percent boost in financials.

Bank of Montreal BMO.TO posted a stronger than expected quarterly profit on Tuesday, and provisions for bad loans were not as high as some analysts had expected, lifting expectations that BMO's peers would report similar results this week. (Reporting by Ka Yan Ng; Editing by Jeffrey Hodgson)