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TSX rises 0.3

March 27 Reuters Canada39;s main stock index rose on Monday, led by the gains in banks and energy stocks, as investors turned hopeful that the turmoil in the global financial sector could be contained after a deal by U.S. lender First Citizens BancShares.

Global markets got a lift after First Citizens BancShares Inc said it would purchase the loans and deposits of failed Silicon Valley Bank, calming investor angst about the global financial system.

At 1003 a.m. ET 1403 GMT, the Toronto Stock Exchange39;s SPTSX composite index was up 62.9 points, or 0.32, at 19,564.39.

The financials sector added 0.7 with heavyweight banks rising 0.8.

Investors are breathing a sigh of relief as the banking sector remains free of any further negative developments over the weekend, said Brandon Michael, senior analyst at ABC Funds.

First Citizens39; announcement of the acquisition of Silicon Valley Bank instilled a broad sense of confidence and calm in the stability of the banking system.

The energy sector added 0.3, tracking strength in crude oil prices.

Bucking the trend, the materials sector fell 1.0 tracking weak bullion prices.

Following a strong start in January, Canadian equities fell in February and March on worries of further more demanddenting rate hikes by the U.S. Federal Reserve, and on uncertainty surrounding the outlook and…