*
TSX ends up 103.34 points, or 0.5%, at 19,940.99
*
Posts its highest closing level since March 9
*
Nine of the index's 10 main groups gain ground
*
Filo Mining jumps 6.6% on brokerage rating upgrade
(Adds details throughout, updates prices to close)
By Fergal Smith
March 30 (Reuters) - Canada's main stock index rose on
Thursday to its highest closing level in three weeks, in a
broad-based rally, as easing stress in the global banking sector
bolstered investor sentiment heading into the end of the first
quarter of the year.
The Toronto Stock Exchange's S&P/TSX composite index ended up 103.34 points, or 0.5%, at 19,940.99, its
highest closing level since March 9, preliminary data showed.
It was the fifth straight day of gains for the index, its
longest winning run since January. Since the start of the year,
the index has advanced 2.9%.
"Things are feeling a lot better than they did a few weeks ago, so people are allocating back to equities heading into quarter end," said Greg Taylor, chief investment officer at Purpose Investments. "Commodities are doing a little better here, so we are seeing a little bit of strength in some of those related stocks." The energy sector rose 0.4% as oil settled 1.9% higher at $74.37 a barrel , while the materials group, which includes precious and base metals miners and fertilizer companies, added 0.5%.
It was helped by a gain of 6.6% for the shares of Filo Mining Corp after CIBC started coverage of the miner with an "outperform" rating and a target price of C$38. Of the 10 major sectors, only healthcare lost ground. Technology rose 0.7% and consumer staples was up 1.1%. (Additional reporting by Johann M Cherian in Bengaluru; Editing by Anil D'Silva and Jonathan Oatis)
