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TSX up most in two months as energy stocks rally
November 30, 2017 / 12:52 PM / 15 days ago

TSX up most in two months as energy stocks rally

TORONTO (Reuters) - Canada’s main stock index had its biggest one-day gain in more than two months on Thursday, with energy shares rallying as OPEC members extended output cuts and Canadian Imperial Bank of Commerce (CM.TO) rising after forecast-busting earnings.

FILE PHOTO - A man walks past an old Toronto Stock Exchange (TSX) sign in Toronto, Ontario, Canada on June 23, 2014. REUTERS/Mark Blinch/File Photo

* The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE ended up 99.76 points, or 0.62 percent, at 16,067.48. Seven of its 10 main groups finished higher, with advancers outnumbering decliners by a 4.5-to-1 ratio.

* The energy group climbed 2.2 percent, with crude prices boosted by a deal among OPEC members and other oil producers to extend output cuts until the end of 2018.

    * Pipeline operator Enbridge Inc (ENB.TO) jumped 6.3 percent to C$48.65 after saying it plans to sell C$3 billion of assets.

    * Toronto-Dominion Bank (TD.TO), the country’s second-biggest bank, lost 2.4 percent to C$73.24 as lower investment banking revenue contributed to a fourth-quarter earnings miss, while No. 5 lender Canadian Imperial Bank of Commerce (CM.TO) rose 2.9 percent to C$118.14 after its earnings exceeded expectations.

    * Lundin Mining Corp (LUN.TO) slumped 16.1 percent to C$7.52 in heavy volume after the diversified base metals miner lowered production guidance for 2018 at a flagship copper mine and several analysts cut their recommendations and target prices on the stock.

    * The materials group, which includes precious and base metals miners and fertilizer companies, lost 0.3 percent.

    Reporting by Alastair Sharp; Editing by Meredith Mazzilli and Marguerita Choy

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