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CANADA STOCKS-TSX up most in 2 months as energy stocks rally
November 30, 2017 / 9:34 PM / in 12 days

CANADA STOCKS-TSX up most in 2 months as energy stocks rally

(Adds details on specific stocks, updates prices to close)

* TSX ends up 99.76 points, or 0.62 percent, at 16,067.48

* Seven of the TSX’s 10 main groups move higher

By Alastair Sharp

TORONTO, Nov 30 (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 rising after forecast-busting earnings.

* The Toronto Stock Exchange’s S&P/TSX composite index 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 jumped 6.3 percent to C$48.65 after saying it plans to sell C$3 billion of assets.

* Toronto-Dominion Bank, 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 rose 2.9 percent to C$118.14 after its earnings exceeded expectations.

* Lundin Mining Corp 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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