CANADA STOCKS-Valeant, CIBC help push TSX higher after results

Thu Feb 27, 2014 10:58am EST

* TSX rises 35.64 points, or 0.25 percent, to 14,224.22
    * Six of 10 main index sectors advance
    * Valeant, CIBC, TD climb after quarterly results
    * Catamaran Corp tumbles after results, outlook

    By John Tilak
    TORONTO, Feb 27 (Reuters) - Canada's main stock index rose
on Thursday, lifted by gains in Valeant Pharmaceuticals
International Inc and Canadian Imperial Bank of
Commerce after the companies reported quarterly results.
    CIBC shares advanced 1.8 percent after the lender's
first-quarter profit jumped by 50 percent, driven by stronger
domestic lending profits and a gain on the sale of half of its
Aeroplan credit card portfolio to Toronto-Dominion Bank.
 
    TD, the country's second-largest lender, reported a 15
percent rise in first-quarter profit and boosted its dividend by
9 percent. The stock climbed 0.5 percent. 
    Investors also digested data showing a rise in orders for
long-lasting U.S. manufactured goods excluding transportation
last month. Separate figures indicated that the number of
Americans filing new applications for unemployment benefits
gained last week.[ID: nL1N0LW132]
    "The market is looking on the bright side of things," said
Arthur Salzer, executive director and chief executive officer of
Northland Wealth Management.
    "The banks are in a sweet spot where you would want to own
them. We've been pretty pleased with the sector," he said. "The
yield curve is a good environment for the banks, and their
wealth management departments are firing on all cylinders."
    The Toronto Stock Exchange's S&P/TSX composite index
 was up 35.64 points, or 0.25 percent, at 14,224.22.
    Six of the 10 main sectors on the index were higher.
    Financials, the index's most heavily weighted sector, added
0.4 percent, driven by CIBC and TD.
    Gold-mining shares showed the biggest gain, climbing 1.7
percent. Goldcorp Inc advanced 2 percent to C$30.75, and
Barrick Gold Corp rose 0.7 percent to C$23.29.
    In other corporate news, Valeant posted a quarterly profit
driven by the acquisition of contact lens maker Bausch & Lomb
Holdings Inc. The stock was up 1.8 percent at C$165.26.
 
    Catamaran Corp tumbled 10.3 percent, to C$51.70,
after the pharmacy benefits manager reported quarterly results
and gave an outlook for the year.
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