By Adriano Marchese
Toronto stocks continued their rally on Thursday at midday, with the S&P/TSX Composite Index up 292.27 points and approaching best levels. All sectors were up with only non-energy resources and consumer durables going against the grain. Canada's banks continued their quarterly reports, with Canadian Imperial Bank of Commerce shares taking a hit as fourth-quarter profit and revenue missed expectations.
Canada's S&P/TSX Composite Index was up 1.44% to 20759.44 and the blue-chip S&P/TSX 60 was up 1.52% at 1258.21.
Shares in Canadian Imperial Bank of Commerce were down 1% to C$139.92 after it reported a rise in fourth-quarter profit and revenue but missed analyst forecasts for both metrics as costs weighed in the period. On an adjusted basis, earnings were C$3.37 a share. According to FactSet, analysts were expecting C$3.54 a share.
Other market movers:
Toronto-Dominion Bank shares were up 4.5% to C$96.09 after reporting a fall in profit and revenue in the fourth quarter, but adjusted earnings of C$2.09 a share beat analyst expectations of C$1.96.
Shares in Uranium Royalty Corp. rose by 2.6% to C$5.12 after it said that it has agreed to purchase 500,000 pounds of U3O8, a compound of uranium, from CGN Global Uranium Ltd. starting in 2023 through to 2025.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
12-02-21 1217ET
