CANADA STOCKS-TSX slips for third day as CIBC weighs

Thu May 29, 2014 10:37am EDT
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* TSX down 78.47 points, or 0.54 percent, at 14,532.49
    * Eight of 10 main index sectors decline
    * CIBC drops 2 percent after reporting results

    By John Tilak
    TORONTO, May 29 (Reuters) - Canada's main stock index fell
for a third straight session on Thursday, dragged by a decline
in Canadian Imperial Bank of Commerce after the lender
reported quarterly results.
    CIBC shares dropped 2 percent after the bank's
second-quarter profit fell by nearly two-thirds, hurt by C$543
million in charges related to its Caribbean banking unit
    Investors also digested figures showing that the U.S.
economy contracted in the first quarter for the first time in
three years. But separate data indicated the number of Americans
filing new claims for unemployment benefits fell more than
expected last week. 
    After a strong start to the year, the Canadian benchmark
index is down for the month.
    "The TSX had a very good run since last summer. What we're
seeing over the last month or so is a consolidation of that
run-up," said Fergal Smith, managing market strategist at Action
Economics. "We expect the pullback to find support at 14,500." 
    "One of the main drags is the pullback in gold stocks,
driven by the slide in the price of gold," he added.
    Gold-mining shares were lower, and the price of bullion
dropped to a 16-week low. Goldcorp Inc lost 1 percent to
    The Toronto Stock Exchange's S&P/TSX composite index
 was down 78.47 points, or 0.54 percent, at 14,532.49.
Eight of the 10 main sectors on the index were in the red.
    Shares of energy companies declined 0.6 percent despite oil
prices rising. Enbridge Inc shed 1.1 percent to
C$51.26, and Suncor Energy Inc gave back 0.9 percent to
    Financials, the index's most heavily weighted sector, fell
0.9 percent, with Royal Bank of Canada losing 1 percent
to C$74.40. CIBC was trading at C$97.10.

 (Editing by Nick Zieminski)