TORONTO, Oct 9 (Reuters) - The Toronto Stock Exchange's main index rose
sharply in a broad rally on Thursday morning that extended the previous
session's gains.
The energy sector led the rally, up nearly 6 percent, as oil was near $89
after a steep slide this week in response to expectations that demand will fall
sharply if the global economy slides into recession.
EnCana was up 4 percent to $54.30, while Nexen was up 5.7 percent at
C$17.94.
Shortly after 9:50 a.m. (1350 GMT), the S&P/TSX composite index was up
309.45 points, or 3.1 percent, at 10,365.76. All 10 sectors posted gains.
The financials group got a boost as a World Economic Forum survey said
that Canada has the world's soundest banking system, followed by Sweden,
Luxembourg and Australia.
Canadian Finance Minister Jim Flaherty said he sees no need to bail out
the country's banks, but that he is looking at ways to ease "severe
restrictions" in lending. He also called for a second G7 finance ministers
meeting.
Bank of Montreal gained 4.8 percent to C$40.90, while Royal Bank of
Canada rose 1.5 percent to C$46.17.
($1=$1.12 Canadian)
(Reporting by Ka Yan Ng; Editing by Peter Galloway) Keywords: MARKETS CANADA
STOCKS
Ka Yan Ng
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