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.'
Royal Bank of Canada led all influential gainers, rising 1.8 percent to C$56.15. Shares of Bank of Nova Scotia climbed 2.13 percent to C$47.08, while Bank of Montreal shares rose 1.3 percent to C$52.50.
Energy shares, led by EnCana, were also among the big gainers on Monday, buoyed by a price of oil that settled above $70 a barrel. EnCana rose 1.4 percent at C$60.45, while Canadian Natural Resources 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.
'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 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) ============================================================== FOR CANADIAN MARKETS NEWS, CLICK ON CODES IN BRACKETS: TSX market report........................................ Canadian dollar and bonds report................... Top News: Canada .................................... Today in Canada..................................... Canadian company news ................................ Reuters global stocks poll (Canada)... FOR CANADIAN MARKETS DATA, CLICK ON CODES IN BRACKETS: Canadian Equities speed guide...................... S&P/TSX Composite index ............................. S&P/TSE Venture composite index ..................... TSX most active....................................... Venture Exchange most active........................... Top TSX pct gainers................................... Top TSX pct losers.................................... S&P/TSX 60 index ..................................... 52 week highs: TSX............... Venture.............. 52 week lows: TSX............... Venture.............. Canadian dollar quote..................... FOR MAIN GLOBAL MARKET DATA AND MARKET REPORTS: FTSE EUROTOP 300 ..... EUROPEAN REPORT ....... Nikkei 225............. Tokyo report............ FTSE 100............... London report........... Xetra DAX............. Frankfurt market stories CAC-40................. Paris market stories... World Indices..................................... Foreign exchange...................................... Oil.................................................... US Treasuries.......................................... International bonds................................... Gold....................................... or CRB index of commodity futures........................ Keywords: MARKETS CANADA STOCKS (kayan.ng@thomsonreuters.com; Reuters Messaging: kayan.ng.reuters.com@reuters.net; 416-941-8109) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
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.'
Royal Bank of Canada led all influential gainers, rising 1.8 percent to C$56.15. Shares of Bank of Nova Scotia climbed 2.13 percent to C$47.08, while Bank of Montreal shares rose 1.3 percent to C$52.50.
Energy shares, led by EnCana, were also among the big gainers on Monday, buoyed by a price of oil that settled above $70 a barrel. EnCana rose 1.4 percent at C$60.45, while Canadian Natural Resources 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.
'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 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) ============================================================== FOR CANADIAN MARKETS NEWS, CLICK ON CODES IN BRACKETS: TSX market report........................................ Canadian dollar and bonds report................... Top News: Canada .................................... Today in Canada..................................... Canadian company news ................................ Reuters global stocks poll (Canada)... FOR CANADIAN MARKETS DATA, CLICK ON CODES IN BRACKETS: Canadian Equities speed guide...................... S&P/TSX Composite index ............................. S&P/TSE Venture composite index ..................... TSX most active....................................... Venture Exchange most active........................... Top TSX pct gainers................................... Top TSX pct losers.................................... S&P/TSX 60 index ..................................... 52 week highs: TSX............... Venture.............. 52 week lows: TSX............... Venture.............. Canadian dollar quote..................... FOR MAIN GLOBAL MARKET DATA AND MARKET REPORTS: FTSE EUROTOP 300 ..... EUROPEAN REPORT ....... Nikkei 225............. Tokyo report............ FTSE 100............... London report........... Xetra DAX............. Frankfurt market stories CAC-40................. Paris market stories... World Indices..................................... Foreign exchange...................................... Oil.................................................... US Treasuries.......................................... International bonds................................... Gold....................................... or CRB index of commodity futures........................ Keywords: MARKETS CANADA STOCKS (kayan.ng@thomsonreuters.com; Reuters Messaging: kayan.ng.reuters.com@reuters.net; 416-941-8109) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
© 2009 AFX News
