October 5, 2009 / 8:52 PM / 9 years ago

CANADA STOCKS-TSX gains as U.S. data lifts hopes, banks, oil

 * TSX closes up 1.32 percent at 11,102.62
 * Goldman U.S. bank upgrade also lifts Canadian lenders
 * U.S. services sector grows for first time since Aug 2008  (Adds details and comments)
 By Ka Yan Ng
 TORONTO, Oct 5 (Reuters) - Toronto’s main stock index finished more than 1 percent higher on Monday as investors returned to equities following a two-week slide, snapping up shares of banks and oil and gas companies.
 Bank shares that were unloaded last week helped power the broadbased rally on the Toronto index, mirroring strong gains in the United States after Goldman Sachs raised its rating on large U.S. banks to “attractive” from “neutral.” [ID:nBNG508012]
 Royal Bank of Canada (RY.TO) led all influential gainers, rising 1.8 percent to C$56.15. Shares of Bank of Nova Scotia (BNS.TO) climbed 2.13 percent to C$47.08, while Bank of Montreal (BMO.TO) shares rose 1.3 percent to C$52.50.
 Energy shares, led by EnCana (ECA.TO), were also among the big gainers on Monday, buoyed by a price of oil that settled above $70 a barrel. [O/R] EnCana rose 1.4 percent at C$60.45, while Canadian Natural Resources (CNQ.TO) jumped 1.75 percent to C$69.62.
 Some of the positive sentiment that boosted all 10 of the index’s main sectors stemmed from U.S. data that showed the services sector, representing about 80 percent of the U.S. economy, expanded for the first time since August 2008. [ID:nN05400003]
 “Most stocks that would benefit from stronger economic growth have moved higher today,” said Kate Warne, Canadian market strategist at Edward Jones in St. Louis, Missouri.
 The S&P/TSX composite index .GSPTSE closed up 144.29 points, or 1.32 percent, at 11,102.62.
 Toronto’s main stock index had a shaky start after shedding 4.3 percent and touching its lowest level in a month last week. That opened the door to some buying by investors who were optimistic that upcoming data and corporate news will paint a more upbeat economic picture.  (Editing by Jeffrey Hodgson)                                      

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