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, 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)