The Toronto Stock Exchange, for the first time in two weeks, sees two straight days of gains.

When the numbers from yesterday's session had settled, the S&P/TSX composite index was up 205.23 points, or 1.78%, to 11,749.12 as oil prices rose and China refuted speculation it was reconsidering its European debt investments.

Energy and materials were the leading sectors on Bay Street. Following lower-than-expected earnings from Royal Bank of Canada, Canadian Imperial Bank of Commerce and Toronto-Dominion Bank, the financials group was rather frail.

RBC stock finished the day down 4.41% to $56.85; CIBC lost 4.34% to $72.02, while TD was up 0.8% to $73.38.

"It may just be a case of the expectations getting a little bit ahead of fundamentals, which do still seem to be improving quite a bit in (the Canadian banking) sector”, BMO Capital Markets economist Robert Kavcic said of the targets banks were expected to meet in the last quarter.

The junior TSX Venture composite index yesterday gained 33.16 points, or 2.26%, to 1,502.84.

China's regulator of foreign exchange yesterday said reports a day earlier that the country might review its European holdings were "groundless."