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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 investor quotes and details on activity)
By 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.
The Toronto Stock Exchange's S&P/TSX composite index ended up 123.25 points, or 0.6%, at 19,624.74.
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.
"It's a broad-based gain for North American equity markets
based on fears of the banking crisis easing a little bit," said
Colin Cieszynski, chief market strategist at SIA Wealth
Management.
Authorities have learned some prior crises "that they need
to act decisively and quickly on things," Cieszynski added. "As
long as nothing new pops up we might see confidence start to
improve."
The Dow and S&P 500 also ended higher as a deal for Silicon
Valley Bank's assets helped investor confidence in banks.
Financials, the most heavily weighted sector on the TSX,
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.
The TSX is on track to end lower for a second straight month
in March but remains in positive territory since the start of
the year, gaining 1.2%.
(Reporting by Fergal Smith; Additional reporting by Johann M
Cherian in Bengaluru; Editing by Marguerita Choy and Sandra
Maler)
