CANADA STOCKS-Bank results help boost TSX
* 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]
However, Canadian Imperial Bank of Commerce (CM.TO: Quote) 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...