CANADA STOCKS-TSX weakens as CIBC results weigh, oil falls

Wed Aug 26, 2009 5:09pm EDT
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* TSX down 8.36 points, or 0.08 percent, at 10,912.17

* CIBC drops 5.3 percent after quarterly results

* Rosy U.S. data fails to lift stocks higher

(Adds details, quote)

By Jennifer Kwan

TORONTO, Aug 26 (Reuters) - Toronto's main stock index finished slightly lower on Wednesday as Canadian Imperial Bank of Commerce (CM.TO: Quote) reported quarterly results that missed expectations and investors took a pause from the dizzying rally of recent months.

CIBC was the most influential mover on the downside after it reported a lower-than-expected quarterly profit as the bank set aside more money to cover bad loans, sending shares down 5.3 percent to C$65.01. [ID:nN24133906]

"CIBC is off and that is holding the Canadian market back," said Paul Taylor, chief investment officer at BMO Harris Investment Management Inc.

The index fell sharply at the open, dropping nearly 1 percent after CIBC reported results. At the outset of the day other banks handed back gains made on the back of Bank of Montreal's surprisingly solid third-quarter report on Tuesday.   Continued...