The Globe and Mail reports in its Thursday edition that the oil and gas sector within the S&P/TSX composite index has risen by 10 per cent over the past two months, matching the gain posted by financials. The Globe's Tim Sufelt writes that Canada's energy giants have provided much of the fuel for the domestic equity rally, with Suncor, Canadian Natural Resources and Cenovus all ranking among the top-10 index movers over that time. The long run in Canadian banks has pushed up valuations to the extent that foreign financials stocks are now priced much more attractively, said Stephen Lingard, senior vice-president at Franklin Templeton Multi-Asset Solutions. "If you're bullish on global growth and interest rates going up, I think you get more of a [re-evaluation of] financials in other markets," Mr. Lingard said. "Frankly, we can buy financials in Europe, the U.S., Japan and most emerging markets at half the price-to-book value." Plus, the domestic economic forces that have driven bank earnings for years may soon be tested, said Craig Fehr, an investment strategist at Edward Jones. "You combine high debt levels with very modest wage gains, it reduces the capacity for consumers to increase spending."