The Toronto Stock Exchange climbed higher for a second consecutive day on Wednesday, boosted by strength in financial stocks.

The S&P/TSX composite index rose 72.97 points, or 0.9%, to finish at 7,932.3.

The financials group advanced 3.1%.

Shares of Toronto-Dominion Bank advanced $0.60, or 1.7%, to $35.85 after the company reported a 27% drop in net income for the first quarter ended Jan. 31, and a 15% boost in revenue in the same period.

CI Financial Inc. shares surged 7.1% a day after the company reported a 72% year-over-year drop in fourth quarter profit. CI shares rose $0.85 to close at $12.80.

Canadian Imperial Bank of Commerce’s shares gained $1.72, or 4.1%, to $43.28 and Royal Bank of Canada’s stock advanced a sharp 5.3% to $29.99. Both banks report their first-quarter earnings on Thursday.

Other strong performers included Power Financial Corp., up 7.3% to $18.40 and National Bank of Canada, higher by 5.7% to $34.35.

Energy stocks also advanced in Wednesday’s trading, rising 1.9% after oil futures jumped more than 6%. Crude for April delivery ended up US$2.54, or 6.4%, at US$42.50 a barrel on the New York Mercantile Exchange.

Among oil industry players, EnCana Corp. rose 4.3% to $48.10 and Petro-Canada advanced 2.4% to $27.01.

Talisman Energy Inc. rose 3.6% to $11.06 and Imperial Oil Ltd. gained 2.2% to $38.88.

The materials group sagged on Wednesday, dipping 0.9% as gold futures descended for a third consecutive day. Gold for April delivery fell US$3.30, or 0.3%, to end at US$966.20 an ounce on the Comex division of the New York Mercantile Exchange.

The subgold index slipped 0.3%.

Kinross Gold Corp. fell $0.61, or 2.9%, to $20.28.

Agnico-Eagle Mines Ltd. dipped 1.1% to $61.92.

Shares of Agrium Inc. tumbled $4.27, or 8.5%, to $46.03 after the company announced it had launched a hostile bid to take over rival CF Industries Holdings, Inc. for US$3.6 billion.

Junior companies edged slightly higher on Wednesday, sending the S&P/TSX Venture composite index up 1.38 points, or 0.2%, to close at 854.97.

The loonie dipped US0.72¢ against the greenback, to close at US79.71¢.

Stock markets south of the border retreated on more dismal economic news: existing home sales dropped 5.3% in January to their lowest level in almost 12 years.

The Dow Jones industrial average dropped 80.05 points, or 1.1%, to end at 7,270.89.

The S&P 500 index fell 8.24 points, or 1.1%, to 764.9.

The Nasdaq composite index declined 16.4 points, or 1.1%, to 1,425.43.