CANADA STOCKS-TSX opens lower as CIBC drags, oil slips

Wed Aug 26, 2009 9:39am EDT
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TORONTO Aug 26 (Reuters) - Toronto's main stock index opened lower on Wednesday as lower-than-expected quarterly profit from Canadian Imperial Bank of Commerce (CM.TO: Quote) dragged the hefty financials group lower.

The S&P/TSX composite index .GSPTSE fell 59.44 points, or 0.54 percent, to 10,861.09.

CIBC, which also said it set aside more money to cover bad loans and credit-card delinquencies, dropped 5.5 percent to C$64.90. It helped knock down the financial group 1.5 percent. [ID:nN24133906]

The price of oil also reversed earlier gains, adding pressure to the resource-heavy index. (Reporting by Ka Yan Ng; Editing by Jeffrey Hodgson)