TORONTO, Aug 24 (Reuters) - Canada’s main stock index edged lower on Thursday after a decline in oil prices helped drive down the energy sector, and shares in Canadian Imperial Bank of Commerce’s slipped after it posted quarterly results.
CIBC, Canada’s fifth-biggest lender, recorded a rise in earnings as a strong performance from its retail business offset a weaker showing at its capital markets division.
While CIBC’s results topped market expectations, Barclays analyst John Aiken said the beat will “likely be viewed as low quality from investors” having been driven by increased revenues from its corporate business.
CIBC shares slipped 1.1 percent to C$92.17.
The Toronto Stock Exchange’s S&P/TSX composite index was down 8.30 points, or 0.06 percent, at 15,054.86.
In the energy sector, Suncor Energy Inc fell 0.3 percent to C$39.20, and TransCanada Corp slipped 0.3 percent to C$63.12.
Oil prices dropped following gains in the U.S. dollar on expectations of monetary policy changes ahead of a meeting of central bankers in Jackson Hole, Wyoming.
Gold prices also fell, weighing on the shares of precious metals miners.
Barrick Gold Corp slipped 0.2 percent to C$21.31, and Goldcorp Inc was down 0.1 percent at C$16.31. (Reporting by John Tilak; Editing by Chizu Nomiyama and W Simon)
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