Toronto stocks mostly flat, CIBC shares volatile

Thu Dec 6, 2007 10:06am EST
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TORONTO Dec 6 (Reuters) - The Toronto Stock Exchange's main index was slightly higher early on Thursday morning as rising materials shares offset falling energy shares.

The S&P/TSX composite index .GSPTSE was up 5.01 points at 13,739.55.

The market initially cheered fourth-quarter results from Canadian Imperial Bank of Commerce (CM.TO: Quote), whose stock was the biggest weighted gainer minutes after trading began. But then CIBC reversed sharply, and it was the biggest weighted loser, down C$2.79 at C$84.30. For details, see: [nN06206196]

Sshares of Fording Canadian Coal Trust FDG_u.TO spiked after the company said it was exploring strategic alternatives, including a sale. The stock was up C$4.50 at C$38.95. For details, see: [nN0584135]

In the energy sector, dipping crude oil prices spurred profit-taking. Oil and gas stocks had led the index up more than 150 points on Wednesday.

($1=$1.01 Canadian) (Reporting by Jonathan Spicer; Editing by Peter Galloway)