CANADA STOCKS-TSX falls as deal news pressures Cenovus, CIBC

Thu Mar 30, 2017 11:54am EDT
 
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(Adds details on sectors and stocks throughout and updates prices)

* TSX falls 37.67 points, or 0.24 percent, to 15,619.96

* Seven of the TSX's 10 main groups fall

TORONTO, March 30 (Reuters) - Canada's main stock index pulled back from a one-month high on Thursday as deal-related news pressured shares of Cenovus Energy Inc and Canadian Imperial Bank of Commerce.

Cenovus shares tumbled 11.8 percent to C$15.39 after the Canadian company agreed to buy oil sands and natural gas assets from ConocoPhillips for C$17.7 billion.

The overall energy group was down 1.2 percent even as oil prices rose. U.S. crude was up 1.8 percent at $50.41 a barrel.

Shares of CIBC fell 2.1 percent to C$114.79 after it raised its offer for PrivateBancorp Inc ahead of a June deadline. CIBC said it offered about $4.9 billion in cash and stock, up from the earlier $3.8 billion offer.

Toronto-Dominion Bank's chief executive officer told shareholders at the bank's annual meeting that it does not have a "widespread problem" with its sales practices, responding to a report staffers were pressured to meet targets.

Its shares rose 0.4 percent to C$66.37, while the overall financials group was little changed.   Continued...