Canadian stock market continues rising – Xinhua

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TORONTO, Aug. 24 (Xinhua) — Canada’s main stock index kept rising Thursday after strong quarterly results from Canadian Imperial Bank of Commerce helped boost shares in the financial sector.

The Toronto Stock Exchange’s benchmark Standard & Poor’s/TSX Composite Index rose 13 points, or 0.09 percent, to close the day at 15,076.16.

The bank reported third-quarter earnings ahead of market expectations, with a strong performance from its retail business offsetting a weaker showing at its investment banking division.

The financial group fared well as 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.

Manulife Financial climbed 34 cents, or 1.4 percent, to 24.90 Canadian dollars, while Fairfax Financial Holdings soared 28.13 Canadian dollars, or 4.6 percent, to 634.43 Canadian dollars.

Among the materials group, First Quantum Minerals jumped 47 Canadian cents, or 3.4 percent to 14.46 Canadian dollars while Hudbay Minerals surged 43 cents, or four percent, to 11.15 Canadian dollars.

In the energy group, Suncor Energy fell 10 cents to 39.21 Canadian dollars, and Cenovus Energy declined six cents to 9.31 Canadian dollars. TransCanada shares declined 16 cents to 63.15 Canadian dollars.

The Canadian dollar gained 0.1 cent to 79.78 U.S.cents while oil prices fell 67 cents to 47.74 U.S.dollars a barrel, and gold prices edged down 20 cents to 1,294.50 U.S. dollars an ounce.

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