February 25, 2010 / 9:36 PM / 9 years ago

CANADA STOCKS-TSX ends 3-day tumble as banks, gold shine

* TSX index climbs 0.95 percent to 11,631.44

* Banks higher on healthy quarterly results

* Golds gain as precious metal turns higher (Adds details)

By Ka Yan Ng

TORONTO, Feb 25 (Reuters) - Toronto’s main stock index closed higher on Thursday after a three-day slide as stronger than expected bank earnings and a firm gold price lifted two of the index’s biggest sectors.

The financials group was up about 1.08 percent, spurred by healthy results from Canadian Imperial Bank of Commerce (CM.TO) and National Bank of Canada (NA.TO).

The results kicked off the financial sector’s earnings season, and raised the outlook for rivals’ profits next week. [ID:nN25244939]

All six big banks rose, with CIBC up 3.14 percent at C$69.95, while National gained 1.9 percent to C$59.73.

“The financials came alive due to the earnings...and that whole sector propped up Toronto most of the day,” said Steve Ibel, institutional equities trader at Beacon Securities in Halifax, Nova Scotia.

Gold shares were also among big gainers, lifting the materials group 2.76 percent after the price of gold moved above $1,100 an ounce. Barrick Gold (ABX.TO) was up 2.53 percent at C$39.69, while Goldcorp (G.TO) gained 3.73 percent to C$39.79.

The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE finished up 109.61 points, or 0.95 percent, at 11,631.44, rebounding from an earlier decline of nearly 1 percent. Eight of the index’s 10 main groups were up.

The TSX had opened lower as soft U.S. economic data cast doubt on the pace of the global economic recovery, while Greece’s sovereign debt woes continued to weigh on investor sentiment. [ID:nN2597849] [ID:nN24204733] [ID:nTOE61O07J]

$1=$1.06 Canadian Reporting by Ka Yan Ng; editing by Rob Wilson

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