UPDATE 1-Toronto stocks spike on resources, CIBC results
August 27th, 2008 | by admin |TORONTO, Aug 27 (Reuters) - The Toronto Stock Exchange’smain index rose more than 1 percent on Wednesday, powered bystrength in commodity-related stocks and quarterly results fromCanadian Imperial Bank of Commerce (CM.TO: Quote, Profile, Research, Stock Buzz).
The S&P/TSX composite index .GSPTSE was up 189.43 points,or 1.4 percent, at 13,488.50, with seven of its 10 main groupshigher, after topping 200 points earlier in the session.
Oil and gold supported the benchmark index, sending the keyenergy and materials sectors up 2.3 percent and 1.9 percent,respectively.
In the oil group, Canadian Natural Resources (CNQ.TO: Quote, Profile, Research, Stock Buzz) rose3.7 percent to C$90.77, while EnCana Corp (ECA.TO: Quote, Profile, Research, Stock Buzz) rose 2.5percent to C$79.50.
Among resources, Teck Cominco (TCKb.TO: Quote, Profile, Research, Stock Buzz) rose 1.9 percent toC$42.17, and Agnico-Eagle (AEM.TO: Quote, Profile, Research, Stock Buzz) jumped 3.1 percent toC$60.95.
The financial services sector spiked 1.7 percent with CIBC,Canada’s fifth-biggest bank, up 4 percent at C$59.42.
CIBC reported a 91 percent drop in third-quarter profit –its first profit in three quarters — as results were hamperedby structured investments related to the U.S. residentialmortgage market, but the charges were lower than many analystshad expected.
Maple Leaf Foods (MFI.TO: Quote, Profile, Research, Stock Buzz) extended losses, down 4.8 percentat C$7.61.
The company remains under the spotlight as more productswere pulled from store shelves amid a deadly food poisoningoutbreak associated with 15 deaths, and faces a series of classaction lawsuits. ($1=$1.05 Canadian) (Reporting by Jennifer Kwan; Editing by Scott Anderson)
