November 30, 2017 / 12:50 PM / a year ago

TSX up most in two months as energy stocks rally

FILE PHOTO - A man walks past an old Toronto Stock Exchange (TSX) sign in Toronto, Ontario, Canada on June 23, 2014. REUTERS/Mark Blinch/File Photo

TORONTO (Reuters) - Canada’s main stock index had its biggest one-day gain in more than two months on Thursday, with energy shares rallying as OPEC members extended output cuts and Canadian Imperial Bank of Commerce (CM.TO) rising after forecast-busting earnings.

* The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE ended up 99.76 points, or 0.62 percent, at 16,067.48. Seven of its 10 main groups finished higher, with advancers outnumbering decliners by a 4.5-to-1 ratio.

* The energy group climbed 2.2 percent, with crude prices boosted by a deal among OPEC members and other oil producers to extend output cuts until the end of 2018.

* Pipeline operator Enbridge Inc (ENB.TO) jumped 6.3 percent to C$48.65 after saying it plans to sell C$3 billion of assets.

* Toronto-Dominion Bank (TD.TO), the country’s second-biggest bank, lost 2.4 percent to C$73.24 as lower investment banking revenue contributed to a fourth-quarter earnings miss, while No. 5 lender Canadian Imperial Bank of Commerce (CM.TO) rose 2.9 percent to C$118.14 after its earnings exceeded expectations.

* Lundin Mining Corp (LUN.TO) slumped 16.1 percent to C$7.52 in heavy volume after the diversified base metals miner lowered production guidance for 2018 at a flagship copper mine and several analysts cut their recommendations and target prices on the stock.

* The materials group, which includes precious and base metals miners and fertilizer companies, lost 0.3 percent.

Reporting by Alastair Sharp; Editing by Meredith Mazzilli and Marguerita Choy

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below