UPDATE 3-Toronto stocks get big lift from resources, banks

Wed Aug 27, 2008 5:19pm EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* TSX jumps more than 1 percent in broad rally

* Resource shares get boost from commodity prices

* Banks rise in heart of their reporting season

* CIBC up 5 percent after lower than expected charges (Adds detail, quotes)

By Leah Schnurr

TORONTO, Aug 27 (Reuters) - The Toronto Stock Exchange's main index jumped more than 200 points on Wednesday, as the key resource and financial sectors were lifted by commodity prices and a rally by Canadian Imperial Bank of Commerce (CM.TO: Quote) after it reported lower than expected charges for the quarter.

Oil jumped to above $118 a barrel as Tropical Storm Gustav was expected to intensify into a hurricane that could threaten U.S. oil and natural gas production in the Gulf of Mexico.

The rise marked the third day of gains for oil prices and boosted Bay Street's heavyweight energy sector 1.9 percent. Among gainers, Canadian Natural Resources (CNQ.TO: Quote) was up 3.2 percent at C$90.36.

Financials, the second biggest group, also drove the index higher after CIBC logged lower than expected charges on structured-credit investments and managed a small profit, sending its shares up 5.3 percent to C$60.10. See: [ID:nN27438345].   Continued...