CANADA STOCKS-TSX may rise with commodity prices, eyes CIBC
TORONTO Aug 26 (Reuters) - Toronto's main stock index may rise at the open on Wednesday, bolstered by higher commodity prices, while investors will also digest quarterly results from Canadian Imperial Bank of Commerce (CM.TO: Quote).
The S&P/TSX composite index .GSPTSE finished Tuesday's session 1.21 percent higher at 10,920.53, boosted by financials as Bank of Montreal reported solid results.
Quarterly results from the country's big banks this week remain the key focus for market direction. Financials are the most heavily-weighted group on the TSX, about a third of the weighting.
Here is some of the news that may affect the market.
Canadian Imperial Bank of Commerce, the country's fifth-largest bank, reported a higher quarterly profit, mainly on strong performance of its core retail and wholesale banking businesses and lower expenses. [ID:nN24133906]
Eldorado Gold Corp (ELD.TO: Quote) said it will buy Sino Gold Mining SGX.AX for C$2.0 billion, in an all-share transaction to give it greater exposure to China's growing gold industry. The offer was worth A$7.24 per Sino Gold share, a premium of 21.3 percent, based on the companies' closing share prices on Tuesday. [ID:nSYD472825]