The Toronto Stock Exchange rallied on Thursday, boosted by stronger-than-expected financial sector earnings reports and continued strength in materials stocks.

The S&P/TSX composite index surged 220.17 points, or 2.1%, to finish at 10,921.49.

Gold futures hit six-month highs, nearing the US$1,000-an-ounce mark. Gold for December delivery, the most active contract, gained US$19.20, or 2%, to end at US$997.70 an ounce on the Comex division of the New York Mercantile Exchange.

The boost in the precious metal prices carried the sub-gold index up 4.8%, while the materials group gained 3.9%.

Shares of Thompson Creek Metals Company surged $1.05, or 8.6%, to $13.24.

Iamgold Corp. jumped $2.19, or 15.9%, to $15.99 and Inmet Mining Corp. rose 6.3% to $52.87.

Barrick Gold Corp. gained 4.1% to $43.66 and Goldcorp Inc. advanced by 4.2% to $45.68.

Financial stocks gained 2% on Thursday as more industry firms released third-quarter results.

Shares of Laurentian Bank of Canada soared 4.7% after the company reported third quarter net income of $28.7 million in the period ended July 31, down from $30.9 million last year. The results surpassed analyst expectations, sending the bank’s stock to $37.94, up $1.71.

Canadian Western Bank also saw its stock jump after reporting profit that beat analyst expectations. In the quarter ended July 31, the company’s net income was $28.7 million, up 9% from the same period last year. The bank’s shares rose 4.3% to $18.36.

Other industry stocks to advance included Bank of Nova, up 2.8% to $44.19, and CIBC, up 2.6% to $61.78.

Royal Bank of Canada added $1.05, or 1.9%, to $55.79.

The energy group finished up 1.1% on Thursday, while oil futures were little changed. Crude for October delivery dipped 9 cents, or 0.1%, to US$67.96 a barrel on the New York Mercantile Exchange.

Shares of Canadian Natural Resources Ltd. gained $1.37, or 2.3%, to $62.37.

Units of Petrobank Energy and Resources Ltd. advanced 2.7% to $40.73 and EnCana Corp. added 1.1% to $55.67.

In the industrial sector, Bombardier Inc. shares continued to soar a day after the company reported second-quarter profit that beat analyst expectations. Bombardier shares gained 6.1% to $4.35 on very heavy trading volume.

Junior stocks on the TSX Venture Exchange also finished Thursday’s session higher. The S&P/TSX Venture composite index gained 30.62 points, or 2.6%, to 1,215.51.

The loonie edged up by US0.13¢ to close at US90.64¢.

In New York, U.S. stock market indices finished higher for the first in five sessions on Thursday, led by gains among financial stocks.

The Dow Jones industrial average gained 63.94 points, or 0.7%, to end at 9,344.61.

The S&P 500 index added 8.49 points, or 0.9%, to 1,003.24.

The Nasdaq composite index rose 16.13 points, or 0.8%, to 1,983.20.

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