(Adds analyst comment, details on specific stocks, updates
* TSX up 41.77 points, or 0.28 percent, at 15,124.62
* Half the TSX's 10 main groups gain; energy up 3 pct
TORONTO, Dec 1 Canada's main stock index rose on
Thursday as energy shares made further gains with oil prices
after OPEC reached a deal to cut output, while investors reacted
to divergent earnings reports from two major banks.
Canadian Imperial Bank of Commerce rose 1.9 percent
to C$107.95 after the country's fifth-biggest bank reported a
better-than-expected quarterly profit, driven by strong
performance in its capital markets business.
Meanwhile, the country's No. 2 lender Toronto-Dominion Bank
fell 1 percent to C$62.95 after reporting earnings that
were in line with expectations.
"In light of earnings produced by some of TD's peers, we
would expect relative underperformance on its valuation today,
with TD's now noticeably lagging capital ratio likely adding to
the pressure," Barclays analyst John Aiken wrote in a note.
The heavyweight financials group gained 0.2 percent overall.
The energy group climbed 3 percent, adding to a nearly 8
percent jump on Wednesday after OPEC members and Russia agreed
to limit their oil output in a bid to prop up prices.
Suncor Energy Inc added 2.2 percent to C$43.70 and
Canadian Natural Resources Ltd rose 2.7 percent to
At 10:07 a.m. EDT (1507 GMT), the Toronto Stock Exchange's
S&P/TSX composite index was up 41.77 points, or 0.28
percent, at 15,124.62. It hit a near 18-month intraday high on
Half of the index's 10 main groups were in positive
territory, with advancers outnumbering decliners by a 1.2-to-1
The materials group, which includes precious and base metals
miners and fertilizer companies, lost 1 percent as gold prices
hit a 10-month low.
U.S. crude prices were up 2.9 percent to $50.87 a
barrel, while Brent added 3.1 percent to $53.44.
Gold futures fell 0.7 percent to $1,162.3 an ounce
and copper prices lost 0.5 percent to $5,796.5 a tonne.
The pace of growth in Canadian manufacturing picked up
modestly in November as a measure of new orders rose to its
highest in seven months, data showed, an encouraging sign for a
sector that has struggled to make strong gains this year.
(Reporting by Alastair Sharp; Editing by Bernadette Baum)