CANADA STOCKS-BMO results help spark broad TSX advance

* TSX up 1.6 percent at 11,702.82

* Bank of Montreal reports higher-than-expected results

* All 10 index sectors rise
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TORONTO, May 26 (BestGrowthStock) – Toronto’s main stock index
jumped more than 1 percent on Wednesday morning, spurred by
Bank of Montreal (BMO.TO: ), which said its quarterly profit

Bank of Montreal’s higher-than-expected results kicked off
the quarterly earnings season for Canadian banks with a bang,
and the shares of the five biggest banks all rose. The index’s
financial group was up 1.7 percent.

Bank of Montreal (BMO.TO: ) rose 3.5 percent to C$60.74,
while Royal Bank of Canada (RY.TO: ) gained 1.6 percent to
C$59.94. Toronto-Dominion Bank (TD.TO: ) was up 1.6 percent at

The Toronto Stock Exchange’s S&P/TSX composite index
(.GSPTSE: ) was up 184.74 points, or 1.6 percent, at 11,702.82.
All of its 10 main groups were higher.

The rise continued momentum picked up on Tuesday afternoon,
when the index reversed almost all of the 2 percent loss it
suffered early in the day due to worries that Europe’s banking
problems could derail global economic recovery.

“Yesterday was more short-cover rallying than anything and
I think sentiment is still fragile,” said Ian Nakamoto,
director of research at MacDougall, MacDougall & MacTier. “But
overall the tone is better than yesterday.”

Commodity-related issues pushed higher on Wednesday as
prices for oil and other key resources rose. Oil rose above $70
a barrel. The index’s energy and materials sectors were both up
2 percent.

Suncor Energy (SU.TO: ) was up 1.6 percent at C$31.15, while
Canadian Natural Resources (CNQ.TO: ) rose 2.9 percent to
C$35.29. Teck Resources (TCKb.TO: ) was up 3 percent at C$35.35.

Investing Analysis

($1=$1.07 Canadian)
(Reporting by Ka Yan Ng; editing by Peter Galloway)

CANADA STOCKS-BMO results help spark broad TSX advance