TSX Up 120 Points, Fueled By Energy Stocks -- Canadian Commentary

(RTTNews) - Canadian stocks rose for a third day Tuesday, with significant weakness in the gold sector preventing a bigger advance for Toronto's main index.

Powered by gains among energy, base metals and banking stocks, the S&P/TSX Composite Index added 121.75 points, or 0.95 percent, to 12,982.10.

The oil sector has come alive along with oil prices over the past few weeks.

April WTI oil gained 65 cents, or 1.9%, to settle at $34.40/bbl. Prices are up more than 30 percent from a 12-year low near $26.

Banks also rallied on another solid earnings report from one of the big six lenders.

Scotiabank (BNS.TO) lifted its dividend as quarterly profits rose 5 percent. Results were slightly better than forecast.

Last week, rivals CIBC (CM.TO) and TD Bank (TD.TO) also lifted their dividends.

Gold stocks lost 4.6 percent on bets that gold prices would fall if stocks continue to rise.

Valeant (VRX.TO) plunged 7.7 percent after being downgraded at RBC on yesterday's news of an SEC investigation.