May 25, 2017 / 2:26 PM / 2 months ago

CANADA STOCKS-TSX rises, boosted by earnings beats for big banks

2 Min Read

(Adds details on specific stocks, updates prices)

* TSX rises 64.37 points, or 0.42 percent, to 15,483.86

* Six of TSX's 10 main groups move higher; financials up 0.8 pct

TORONTO, May 25 (Reuters) - Canada's main stock index rose in early trading on Thursday, boosted by sharp gains for shares of major banks whose quarterly earnings impressed investors.

The country's biggest bank, Royal Bank of Canada, rose 1.3 percent to C$94.22 after reporting an 11 percent profit increase, beating market forecasts, on strong performances in its capital markets and wealth management businesses.

Canada's second-largest lender, Toronto-Dominion Bank , was up 2.2 percent at C$64.45. Its earnings also exceeded expectations, helped by a strong performance at its retail and investment banking businesses.

No. 5 bank Canadian Imperial Bank of Commerce slipped 0.1 percent to C$106.15 after reporting a softer beat than its two larger peers.

At 10:12 a.m. ET (1412 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 64.37 points, or 0.42 percent, at 15,483.86.

Six of the index's 10 main sectors were higher, with five gainers for every two decliners overall.

The financials group, which accounts for a third of the index's weight, rose 0.8 percent.

Manulife Financial Corp, Canada's biggest life insurer, was up 1 percent at C$23.77 after it named Roy Gori, an executive from its Asia division, to replace the retiring Donald Guloien as chief executive officer.

Forestry products company Tembec Inc jumped 40.7 percent to C$4.15 after accepting a buyout offer from Rayonier Advanced Materials Inc for C$4.05 a share.

The energy group gained 0.7 percent after a delegate of the Organization of the Petroleum Exporting Countries said the producer group had decided to extend cuts in oil output to March 2018. (Reporting by Alastair Sharp; Editing by Lisa Von Ahn)

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