CANADA STOCKS-Bank results help boost TSX

Thu May 28, 2009 10:29am EDT
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* TSX rises 1.04 percent to 10,248.08

* Energy shares up 1.1 percent as oil climbs

* Financial shares rise on bank results (Adds details, quote)

By Jennifer Kwan

TORONTO, May 28 (Reuters) - Toronto's main stock market opened higher on Thursday, boosted by strength in resource issues and by rising financial shares as results for some of Canada's big banks came in better than expected.

Three of Canada's big banks reported mainly positive results on Thursday despite setting aside more money to cover bad loans and detailing a raft of writedowns for credit and market losses. [ID:nN28311974]

Shares of Toronto-Dominion Bank TD.TO climbed 3.2 percent to C$51.91, while National Bank of Canada NA.TO was up 3.4 percent at C$51.16.

However, Canadian Imperial Bank of Commerce CM.TO was a top net loser, falling 3.8 percent to C$54.84.

"It's clear that they still have some credit issues and their retail franchise is still stagnant," Paul Hand, managing director at RBC Capital Markets, said of the CIBC results.   Continued...