The Toronto Stock Exchange continued its winning streak on Thursday, finishing the day up more than 3% as some of Canada’s big banks reported first-quarter results.

The S&P/TSX composite index rose 254.52 points, or 3.2%, to finish at 8,186.82.

Financial stocks led the gains, rising 6.2% as several banks unveiled their first-quarter financial results.

Royal Bank of Canada’s stock surged 6.4% after the company reported a $1.05-billion quarterly profit, down 15% from the same quarter last year. Royal Bank shares rose $1.91 to $31.90.

National Bank of Canada’s shares rose 9.7% after the company reported first-quarter profit of $69 million, down 73% thanks to charges of $184 million related to asset-backed commercial paper. The company’s stock soared $3.34 to $37.69.

CIBC shares gained 6.1% after the company reported net income of $147 million, up from last year’s loss of $1.45 billion. CIBC shares rose $2.63 to $45.91.

Bank of Montreal saw its shares surge $3.07, or 11.9%, to $28.85, and Bank of Nova Scotia shares rose 6.1% to $29.00.

The energy group rose 4.4% on Thursday as oil futures finished at their highest level in a month. Crude for April delivery gained US$2.72, or 6.4%, to end at US$45.22 a barrel on the New York Mercantile Exchange.

Canadian Natural Resources Ltd. gained 5.2% to $41.66 and Nexen Inc. rose 5.8% to $17.63.

Shares of Suncor Energy Inc. jumped $2.55, or 11%, to close at $25.66.

Shares of Verenex Energy Inc. soared 22.4% after the oil and gas company agreed to a $499-million takeover offer from a subsidiary of state-owned China National Petroleum Corp. Verenex shares rose $1.75 to $9.55.

Materials companies gained 2.5% on Thursday.

Gold for April delivery lost US$23.60, or 2.4%, to close at US$942.60 an ounce on the Comex division of the New York Mercantile Exchange.

The sub-gold index rose 1.6%.

Goldcorp Inc. rose $1.42, or 4.1%, to $36.41.

Shares of Inmet Mining Corp. advanced $2.16, or 7.9%, to close at $29.35.

Potash Corp. shares rose $4.48, or 4.4%, to finish at $105.77.

The S&P/TSX Venture composite index gained 7.84 points, or 0.9%, to close at 862.81.

The Canadian dollar was nearly unchanged, edging up US0.09¢ to close at US79.80¢.

In New York, U.S. stock markets continued their downward trend as U.S. President Barack Obama unveiled a sweeping US$3.6 trillion budget for fiscal 2010, and vowed to cut federal spending by US$2 trillion.

The Dow Jones industrial average shed 88.81 points, or 1.2%, to finish at 7,182.08.

The S&P 500 fell 12.07 points, or 1.6%, to close at 752.83.

The Nasdaq composite declined 33.96 points, or 2.4%, to 1,391.47.