February 25, 2009 / 5:13 PM / 10 years ago

CANADA STOCKS-TSX higher as materials, banks support

* TSX up 0.47 percent at 7,895.92

* Materials gain 2.61 pct on firm gold

* TD Bank climbs 1 pct after results (Adds details, quote)

TORONTO, Feb 25 (Reuters) - Toronto’s main stock index was slightly higher late Wednesday morning, buoyed by strength in the resource-laden materials sector and extending its rally from the previous session.

Materials rose 2.61 percent with many of the gold miners gaining, including Barrick Gold (ABX.TO), up 4.4 percent at C$40.99 and Goldcorp (G.TO) climbing 5.3 percent at C$36.90.

The heavily weighted financial services group, which slid 4 percent in early action and helped drag the market lower, rebounded and was up 0.9 percent.

Better than expected results from Toronto-Dominion Bank (TD.TO) helped to turn the sector around, said Francis Campeau, a broker at MF Global Canada in Montreal.

“We’ve been able to outperform U.S. markets ... on good financial numbers from TD,” Campeau said.

“The fact they were able to keep their dividend is seen as a positive.”

Royal Bank of Canada (RY.TO) rose 1 percent to C$28.75 and Bank of Nova Scotia (BNS.TO) added 0.9 percent to C$26.47.

Manulife Financial (MFC.TO) rose 0.5 percent to C$13.57. The insurance company said on Tuesday it will issue as much as C$275 million of preferred shares to strengthen its balance sheet. [nN24437648]

At 11:43 a.m. (1643 GMT), the S&P/TSX composite index .GSPTSE was up 36.59 points, or 0.47 percent, at 7,895.92, with four of its 10 main groups higher. The gain added to a rise of 2.8 percent on Tuesday.

The energy sector also supported the market as oil climbed above $41 a barrel.

$1=$1.26 Canadian Reporting by Jennifer Kwan; editing by Rob Wilson

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below