CANADA STOCKS-TSX edges higher as TD, CIBC shares overcome energy decline

Thu Feb 26, 2015 4:47pm EST
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* TSX up 12.59 points, or 0.08 percent, at 15,241.16

* Seven of 10 main index sectors advance

* Energy shares slip with oil prices

By John Tilak

TORONTO, Feb 26 (Reuters) - Canada's main stock index rose slightly on Thursday as advances in Toronto Dominion Bank and Canadian Imperial Bank of Commerce helped offset a drop in the energy sector.

TD shares advanced 1 percent, to C$54.47, after the company posted a slightly higher profit in line with expectations, as gains at its retail division offset weakness in wholesale banking.

CIBC reported better-than-expected first-quarter earnings, helped by strong growth in its wholesale banking business, and unexpectedly raised its dividend. The stock jumped 3.3 percent to C$95.23.

Despite a sharp slump in oil prices over the past several months, the commodity-focused TSX has been climbing, gaining about 12 percent since hitting a low in December.

"We're yet to see the full impact of the slide in crude oil prices, but the fact that the banks are reporting good numbers is a promising sign," said Elvis Picardo, strategist and vice president of research at Global Securities in Vancouver.   Continued...