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TSX ends up 0.6% at 19,624.74
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Energy rallies 2.2%; oil settles 5.1% higher
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Financials advance 0.7%; materials dip 0.1%
(Adds details throughout, updates prices to close)
By Johann M Cherian and Fergal Smith
March 27 (Reuters) - Canada's main stock index rose on
Monday, helped by gains for energy and financial shares, as oil
prices surged and investors grew hopeful that recent turmoil in
the global banking sector could be contained.
Equity markets globally got a lift after First
Citizens BancShares Inc said it would purchase the
loans and deposits of failed Silicon Valley Bank, calming
investor angst about the global financial system.
"Investors are breathing a sigh of relief as the banking
sector remains free of any further negative developments over
the weekend," said Brandon Michael, senior analyst at ABC Funds.
"First Citizens' announcement of the acquisition of Silicon
Valley Bank instilled a broad sense of confidence and calm in
the stability of the banking system."
The Toronto Stock Exchange's S&P/TSX composite index ended up 123.25 points, or 0.6%, at 19,624.74,
preliminary data showed.
Heavily-weighted financials added 0.7%, while energy was up
2.2% as oil futures settled 5.1% higher at $72.81 a
barrel.
The materials sector dipped 0.1% as gold gave back some of
its recent gains.
(Reporting by Johann M Cherian in Bengaluru; Editing by
Marguerita Choy)
