Big gains for Canadian markets

March 13th, 2009 - 10:28 am ICT by IANS  

Toronto, March 13 (IANS) With oil prices staying firm above $45 and financial shares rising, the Canadian markets maintained positive gains of the past three sessions Thursday.
The composite index on the Toronto Stock Exchange (TSX) rose 3.4 percent or 271.25 points to close at 8,282.27 points on demand for financial and energy shares.

The world’s biggest energy and mining stock market has gained 9.3 percent in the last three sessions this week.

The Canadian dollar also saw a little revival in its fortunes as it gained 0.43 cents against the US greenback, closing at 78.18 cents US. With gains of 5.6 percent Thursday, Canadian energy shares are now up about 21 percent since Monday.

The Canadian banks and financial institutions, which have been lauded as among the best in the world by the World Economic Forum, have made substantial gains this week.

The Royal Bank of Canada, which is the nation’s biggest bank, was up $1.43 Thursday to $35. The Bank of Montreal, another bank among the top five, also gained $1.83 to close at $31.93.

Energy shares were also up five percent, with the giant Petro-Canada gaining $1.12 to $29.93 and Suncor Inc. $1.91 to $32.27. Industrial shares were not behind, with the global major Bombardier rising eight cents to $2.79.

However, the troubled telecom maker Nortel was down to 9.5 cents amid reports that it is talks to sell its two main businesses as part of its restructuring plan.

The Toronto-based global giant had sought and was granted bankruptcy protection in Canada and the US last January.

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