August 31, 2011 / 3:23 PM / 7 years ago

CORRECTED - CANADA STOCKS-TSX near one-month high; CIBC results lift banks

 (Corrects to show market rallied for fourth straight day, not fifth)
 * TSX rises 107.13 points, or 0.85 percent to 12,741.84
 * CIBC climbs on stronger-than-expected results
 * Banks lead gains, financial sector up 1.6 percent
 * Optimism about further Fed stimulus buoys sentiment
 By Trish Nixon
 TORONTO, Aug 31 (Reuters) - Toronto’s main stock index rose for a fourth straight day on Wednesday, touching its highest point in nearly a month, as strong results from one of Canada’s big banks helped lift the influential financial sector.
 Canadian Imperial Bank of Commerce  (CM.TO) was the most influential gainer, rising 4.4 percent to C$76.31. The lender reported a higher-than-expected profit on strong wealth management and markets-related revenue, and raised its dividend by 3.4 percent. [ID:nN1E77S1D7]
 Toronto Dominion Bank (TD.TO), which will report its quarterly earnings on Thursday, rose 1.9 percent to C$76.89, while Bank of Nova Scotia (BNS.TO) added 1.4 percent to C$24.26, extending gains after reporting strong results on Tuesday. [ID:nN1E77T07J]
 Investors were also encouraged by a rise in global stocks, as hopes for more U.S. stimulus drove most risk assets higher, including economically-sensitive commodities like oil and metals. [MKTS/GLOB]
 “Sentiment seems to be shifting a little more positively,” said Greg Eckel, senior vice president at at Morgan Meighen & Associates.
 “People are creeping back into the market, maybe taking a less pessimistic view.”
 At 10:25 a.m. (1425 GMT) The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE was up 107.13 points, or 0.85 percent to 12,741.84. It touched a session high of 12,761.71, the strongest level since Aug. 4.
 Energy stocks rose 1.32 percent as oil trimmed earlier losses after data showed the U.S. private sector had added jobs, though the rise was limited by expectations that official U.S. weekly data will show an increase in crude stocks. [O/R]
 Copper prices, driven higher by a weaker U.S. dollar and supply concerns, helped lift base metal miners and the broader materials sector into positive territory even as gold prices slumped. [MET/L] [GOL/]    
 Teck Resources TCKb.TO was among the top gainers, rising 1.6 percent percent to C$43.83, while Goldcorp (G.TO) , down 0.8 percent at C$50.74, and Kinross Gold (K.TO), off 0.9 percent at C$16.95 weighed heavily.  (Editing by Jeffrey Hodgson)                  

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