CANADA STOCKS-TSX weakens as CIBC results weigh

Wed Aug 26, 2009 4:39pm 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 official closing numbers, 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 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.
 But some of Canada's big lenders finished the day higher
including Bank of Montreal BMO.TO up 2.6 percent at C$53.65,
while Toronto-Dominion Bank TD.TO climbed 0.8 percent to
C$66.25. Overall, the financials sector was flat, down 0.06
 The S&P/TSX composite index .GSPTSE was down 8.36 points,
or 0.08 percent, at 10,912.17, with seven of 10 sectors lower.
 The price of oil settled lower at $71.43 a barrel,
pressured by rising U.S. stockpiles. [ID:nSP475982] The energy
group was little changed, down 0.01 percent and materials were
off 0.49 percent.
 Reassuring data that showed new U.S. home sales hit their
highest level in 10 months in July and orders for durable goods
surged failed to move the market higher as investors took a
break from bidding up stocks. [ID:nN26259327]
 The market is up some 45 percent from its multi-year low
reached in early March.
 ($1=$1.10 Canadian)
 (Reporting by Jennifer Kwan; Editing by Jeffrey Hodgson)