April 22, 2009 / 2:54 PM / 10 years ago

CANADA STOCKS-TSX up 1 pct on oils, golds; banks rebound

* TSX up 118.13 points at 9,366.50

* Gold-miners and energy shares lead rally

* Financial bounce back after lower start (Adds details and comments)

By Frank Pingue

TORONTO, April 22 (Reuters) - Toronto’s main stock index was comfortably higher on Wednesday morning after a flat open as weighty bank issues turned higher and a rise in bullion prices offered a boost to gold-miners.

The financials index was down 1 percent early in the session after U.S. investment bank Morgan Stanley (MS.N) reported a quarterly loss. But the sector rebounded to post a gain of 0.8 percent, helping the broader TSX turn sharply higher. [ID:nN22534760]

“People almost prefer to see these these things open lower before they stick their toe in the water,” said Bruce Latimer, trader at Dundee Securities.

At 10:30 a.m. (1430 GMT), the S&P/TSX composite index .GSPTSE was up 118.13 points, or 1.29 percent at 9,366.50, after it spent the first 30 minutes of the session around the break-even level. Eight of its 10 main sectors were higher.

Among financials, Bank of Nova Scotia (BNS.TO) was up 1 percent at C$34.67, while Royal bank of Canada (RY.TO) was also ahead 1 percent at C$41.82.

A 1.4 percent climb by the materials sector, which includes gold-miners, also helped steer the TSX higher.

Shares of Barrick Gold Corp (ABX.TO) were up 1.4 percent at C$35.17, while Goldcorp (G.TO) was up 0.8 percent at C$33.62.

EnCana Corp (ECA.TO) rose 3.5 percent to C$54.53 after it reported a first-quarter profit that handily topped expectations. [ID:nN21497450]

The energy group was up 1.67 percent, the most among the TSX’s 10 sectors. It also drew support from a rise in the price of oil ahead of U.S. government inventory data.

The TSX hit a five year low in early March, but then went on an extended rally and is up about 25 percent from that low.

$1=$1.24 Canadian

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