CANADA STOCKS-TSX hits one-week high as TD, CIBC climb on results

Thu Feb 26, 2015 11:05am EST
 
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* TSX up 63.83 points, or 0.42, at 15,292.40

* Eight of 10 main index sectors advance

* Energy shares slip with oil prices

By John Tilak

TORONTO, Feb 26 (Reuters) - Canada's main stock index reached its highest in a week on Thursday as gains in Toronto Dominion Bank and Canadian Imperial Bank of Commerce , following quarterly reports from the two lenders, overcame weakness in the energy sector.

TD advanced 2.1 percent, to C$55.06, after the company posted a slightly higher profit in line with expectations, as gains at its retail division offset weakness in wholesale banking.

CIBC reported better-than-expected first-quarter earnings, helped by strong growth in its wholesale banking business, and unexpectedly raised its dividend. The stock jumped 4.2 percent to C$96.07.

Despite the sharp slump in oil prices over the past several months, the commodity-focused TSX has been climbing. It is up about 12 percent since hitting a low in December.

"There is a disconnect between Canadian stock prices and the meaningful retracement we've seen in commodity prices," said Paul Taylor, chief investment officer at BMO Asset Management Canada, who is underweight on Canadian equities.   Continued...