UPDATE 3-Toronto stocks get big lift from resources, banks
August 28th, 2008 | by admin |* TSX jumps more than 1 percent in broad rally
* Resource shares get boost from commodity prices
* Banks rise in heart of their reporting season
* CIBC up 5 percent after lower than expected charges (Adds detail, quotes)
By Leah Schnurr
TORONTO, Aug 27 (Reuters) - The Toronto Stock Exchange’smain index jumped more than 200 points on Wednesday, as the keyresource and financial sectors were lifted by commodity pricesand a rally by Canadian Imperial Bank of Commerce (CM.TO: Quote, Profile, Research, Stock Buzz) afterit reported lower than expected charges for the quarter.
Oil jumped to above $118 a barrel as Tropical Storm Gustavwas expected to intensify into a hurricane that could threatenU.S. oil and natural gas production in the Gulf of Mexico.
The rise marked the third day of gains for oil prices andboosted Bay Street’s heavyweight energy sector 1.9 percent.Among gainers, Canadian Natural Resources (CNQ.TO: Quote, Profile, Research, Stock Buzz) was up 3.2percent at C$90.36.
Financials, the second biggest group, also drove the indexhigher after CIBC logged lower than expected charges onstructured-credit investments and managed a small profit,sending its shares up 5.3 percent to C$60.10. See:[ID:nN27438345].
