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TSX ends up 1.1% at 23,027.15

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Rises for first time in five sessions

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Financials add 1.5%, industrials end 1.4% higher

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Methanex ( MEOH ) agrees to buy OCI's methanol business

(Updates at market close)

By Fergal Smith

Sept 9 (Reuters) - Canada's main stock index ended

higher for the first time in five sessions on Monday, with

heavily weighted financials and industrials among the sectors to

benefit as investors stepped in to take advantage of lower stock

prices.

The Toronto Stock Exchange's S&P/TSX composite index

ended up 245.72 points, or 1.1%, at 23,027.15, after

it posted on Friday its lowest closing level in three weeks.

Part of the impetus "is people coming in buying on the

downdraft, which sometimes can be a dangerous game to play,"

said Michael Sprung, president at Sprung Investment Management.

Wall Street's main stock indexes also rose after a week of

losses as investors looked for bargains while they waited for

inflation reports in coming days and the Federal Reserve's next

policy decision next week.

"People are becoming more concerned with the state of the

economy rather than the level of interest rates," Sprung said.

"I think we're going to be in for a very, very choppy market for

the next while."

Financials, which accounts for about 31% of the TSX's market

capitalization, rose 1.5%, industrials were up 1.4% and

technology ended 1.5% higher.

The materials group added 1.1% as gold and copper

prices rose. The price of oil also increased, settling

1.5% higher at $68.71 a barrel, on concerns that a hurricane

forecast to hit Louisiana on Wednesday will disrupt production.

Still, energy was the only major sector to lose ground,

falling 0.2%.

Methanex Corp ( MEOH ) agreed to buy Dutch green fuel maker

OCI Global's methanol business for $2.05 billion. The

methanol producer's shares ended down 7.9%.

Shares of Air Canada ( ACDVF ) were also a drag, falling 1.2%,

after the airline said it's finalizing plans to suspend most of

its operations as talks with the pilot union are nearing an

impasse.