UPDATE 1-Toronto stocks spike on resources, CIBC results

Wed Aug 27, 2008 10:35am EDT
 
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TORONTO Aug 27 (Reuters) - The Toronto Stock Exchange's main index rose more than 1 percent on Wednesday, powered by strength in commodity-related stocks and quarterly results from Canadian Imperial Bank of Commerce (CM.TO: Quote).

The S&P/TSX composite index .GSPTSE was up 189.43 points, or 1.4 percent, at 13,488.50, with seven of its 10 main groups higher, after topping 200 points earlier in the session.

Oil and gold supported the benchmark index, sending the key energy and materials sectors up 2.3 percent and 1.9 percent, respectively.

In the oil group, Canadian Natural Resources (CNQ.TO: Quote) rose 3.7 percent to C$90.77, while EnCana Corp (ECA.TO: Quote) rose 2.5 percent to C$79.50.

Among resources, Teck Cominco (TCKb.TO: Quote) rose 1.9 percent to C$42.17, and Agnico-Eagle (AEM.TO: Quote) jumped 3.1 percent to C$60.95.

The financial services sector spiked 1.7 percent with CIBC, Canada's fifth-biggest bank, up 4 percent at C$59.42.

CIBC reported a 91 percent drop in third-quarter profit -- its first profit in three quarters -- as results were hampered by structured investments related to the U.S. residential mortgage market, but the charges were lower than many analysts had expected.

Maple Leaf Foods (MFI.TO: Quote) extended losses, down 4.8 percent at C$7.61.

The company remains under the spotlight as more products were pulled from store shelves amid a deadly food poisoning outbreak associated with 15 deaths, and faces a series of class action lawsuits. ($1=$1.05 Canadian) (Reporting by Jennifer Kwan; Editing by Scott Anderson)