CANADA STOCKS-TSX makes slight gain after bank results, energy lags oil

Thu Feb 25, 2016 5:31pm EST
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(Adds portfolio manager comment, updates prices)

* TSX ends up 13.33 points, or 0.1 percent, at 12,753.60

* Six of the TSX's 10 main groups fall

By Alastair Sharp

TORONTO, Feb 25 (Reuters) - Canada's main stock index notched a small gain on Thursday as two major banks rose after reporting quarterly numbers, while energy stocks weighed despite a late rally in crude prices.

Shares in Canadian Imperial Bank of Commerce jumped 2.5 percent to C$89.66 after the bank beat on profit and raised its dividend, although, like other lenders that reported this week, CIBC reported rising bad loans in the oil and gas sector.

Its larger rival Toronto-Dominion Bank rose 1.4 percent to C$51.92 as its U.S. presence benefited from a weak Canadian dollar and wholesale banking profit fell.

"They're certainly not expensive," Paul Harris, portfolio manager at Avenue Investment Management, said of Canadian banks.

"This doesn't mean that their loan books are not going to get worse in a period of time where resource companies in this country are under a lot of pressure."   Continued...