CANADA STOCKS-TSX slips for third day as CIBC weighs
* TSX down 78.47 points, or 0.54 percent, at 14,532.49 * Eight of 10 main index sectors decline * CIBC drops 2 percent after reporting results By John Tilak TORONTO, May 29 (Reuters) - Canada's main stock index fell for a third straight session on Thursday, dragged by a decline in Canadian Imperial Bank of Commerce after the lender reported quarterly results. CIBC shares dropped 2 percent after the bank's second-quarter profit fell by nearly two-thirds, hurt by C$543 million in charges related to its Caribbean banking unit Investors also digested figures showing that the U.S. economy contracted in the first quarter for the first time in three years. But separate data indicated the number of Americans filing new claims for unemployment benefits fell more than expected last week. After a strong start to the year, the Canadian benchmark index is down for the month. "The TSX had a very good run since last summer. What we're seeing over the last month or so is a consolidation of that run-up," said Fergal Smith, managing market strategist at Action Economics. "We expect the pullback to find support at 14,500." "One of the main drags is the pullback in gold stocks, driven by the slide in the price of gold," he added. Gold-mining shares were lower, and the price of bullion dropped to a 16-week low. Goldcorp Inc lost 1 percent to C$24.91. The Toronto Stock Exchange's S&P/TSX composite index was down 78.47 points, or 0.54 percent, at 14,532.49. Eight of the 10 main sectors on the index were in the red. Shares of energy companies declined 0.6 percent despite oil prices rising. Enbridge Inc shed 1.1 percent to C$51.26, and Suncor Energy Inc gave back 0.9 percent to C$41.50. Financials, the index's most heavily weighted sector, fell 0.9 percent, with Royal Bank of Canada losing 1 percent to C$74.40. CIBC was trading at C$97.10. (Editing by Nick Zieminski)
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