By Solarina Ho
TORONTO, May 27 (Reuters) - Toronto's main stock index closed near a four-week high on Friday as firmer commodity prices pushed up resource shares, overcoming a big drop in Royal Bank of Canada.
Gold and copper prices rose to near three-week highs, helped by a weaker U.S. dollar, lifting the index's materials group to a 1.05 percent gain. In that group, three stocks -- Kinross Gold, diversified miner Teck Resources and fertilizer producer Potash Corp -- were the three most influential gainers on the index, accounting for 0.12 percent of its rise.
Kinross jumped 4.93 percent to C$15.76, while Teck climbed 2.38 percent to C$50.32, and Potash was up 1.15 percent at C$54.69.
The Toronto Stock Exchange's S&P/TSX composite index was up 21.69 points, or 0.16 percent, at 13,797.59. The TSX gained 1.06 percent for the week and closed at its highest level since May 2, when it finished at 13,934.51.
Eight of its 10 main groups were in positive territory. The hefty financial sector and the consumer staples group were the lone decliners.
Financials fell 0.82 percent with Royal Bank of Canada , the country's largest bank, by far the biggest drag after it reported a profit that rose but fell short of expectations due to weakness in its capital markets unit.
RBC also announced a higher dividend. But that didn't stop its shares falling 3.03 percent to C$57.36. The RBC drop was
4
1/2 times more influential on the index than that of next biggest downside mover -- Suncor Energy -- which was off 0.85 percent at C$40.75.
RBC's results came just a day after rivals Toronto-Dominion Bank and Canadian Imperial Bank of Commerce reported weaker-than-expected profits that sent their shares tumbling.
Several analysts cut share-price targets on CIBC, while TD received a pair of raises and one reduction.
'People are a little disappointed in the (bank) results as they've been coming out,' said Michael Sprung, president of Sprung & Co Investment Counsel. 'They've been on the low end of estimates. But overall they're not too bad. We are getting the dividend increases that we wanted to see.'
Four of the top six decliners were banks.
($1=$0.98 Canadian)
(Reporting by Solarina Ho; editing by Peter Galloway) ============================================================== FOR CANADIAN MARKETS NEWS, CLICK ON CODES IN BRACKETS: TSX market report........................................ Canadian dollar and bonds report................... Top News: Canada .................................... Today in Canada..................................... Canada earnings schedule............................. Canadian company news ................................ Reuters global stocks poll (Canada)................ FOR CANADIAN MARKETS DATA, CLICK ON CODES IN BRACKETS: Canadian Equities speed guide...................... S&P/TSX Composite index ............................. S&P/TSE Venture composite index ..................... TSX most active....................................... Venture Exchange most active........................... Top TSX pct gainers................................... Top TSX pct losers.................................... S&P/TSX 60 index ..................................... 52 week highs: TSX............... Venture.............. 52 week lows: TSX............... Venture.............. Canadian dollar quote..................... FOR MAIN GLOBAL MARKET DATA AND MARKET REPORTS: FTSE EUROTOP 300 ..... EUROPEAN REPORT ....... Nikkei 225............. Tokyo report............ FTSE 100............... London report........... Xetra DAX............. Frankfurt market stories CAC-40................. Paris market stories... World Indices..................................... Global markets report............................ Foreign exchange...................................... Oil.................................................... US Treasuries.......................................... International bonds................................... Gold....................................... or CRB index of commodity futures........................ Keywords: MARKETS CANADA/STOCKS (solarina.ho@thomsonreuters.com;+1 416 941 8067; Reuters Messaging: solarina.ho.thomsonreuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
TORONTO, May 27 (Reuters) - Toronto's main stock index closed near a four-week high on Friday as firmer commodity prices pushed up resource shares, overcoming a big drop in Royal Bank of Canada.
Gold and copper prices rose to near three-week highs, helped by a weaker U.S. dollar, lifting the index's materials group to a 1.05 percent gain. In that group, three stocks -- Kinross Gold, diversified miner Teck Resources and fertilizer producer Potash Corp -- were the three most influential gainers on the index, accounting for 0.12 percent of its rise.
Kinross jumped 4.93 percent to C$15.76, while Teck climbed 2.38 percent to C$50.32, and Potash was up 1.15 percent at C$54.69.
The Toronto Stock Exchange's S&P/TSX composite index was up 21.69 points, or 0.16 percent, at 13,797.59. The TSX gained 1.06 percent for the week and closed at its highest level since May 2, when it finished at 13,934.51.
Eight of its 10 main groups were in positive territory. The hefty financial sector and the consumer staples group were the lone decliners.
Financials fell 0.82 percent with Royal Bank of Canada , the country's largest bank, by far the biggest drag after it reported a profit that rose but fell short of expectations due to weakness in its capital markets unit.
RBC also announced a higher dividend. But that didn't stop its shares falling 3.03 percent to C$57.36. The RBC drop was
4
1/2 times more influential on the index than that of next biggest downside mover -- Suncor Energy -- which was off 0.85 percent at C$40.75.
RBC's results came just a day after rivals Toronto-Dominion Bank and Canadian Imperial Bank of Commerce reported weaker-than-expected profits that sent their shares tumbling.
Several analysts cut share-price targets on CIBC, while TD received a pair of raises and one reduction.
'People are a little disappointed in the (bank) results as they've been coming out,' said Michael Sprung, president of Sprung & Co Investment Counsel. 'They've been on the low end of estimates. But overall they're not too bad. We are getting the dividend increases that we wanted to see.'
Four of the top six decliners were banks.
($1=$0.98 Canadian)
(Reporting by Solarina Ho; editing by Peter Galloway) ============================================================== FOR CANADIAN MARKETS NEWS, CLICK ON CODES IN BRACKETS: TSX market report........................................ Canadian dollar and bonds report................... Top News: Canada .................................... Today in Canada..................................... Canada earnings schedule............................. Canadian company news ................................ Reuters global stocks poll (Canada)................ FOR CANADIAN MARKETS DATA, CLICK ON CODES IN BRACKETS: Canadian Equities speed guide...................... S&P/TSX Composite index ............................. S&P/TSE Venture composite index ..................... TSX most active....................................... Venture Exchange most active........................... Top TSX pct gainers................................... Top TSX pct losers.................................... S&P/TSX 60 index ..................................... 52 week highs: TSX............... Venture.............. 52 week lows: TSX............... Venture.............. Canadian dollar quote..................... FOR MAIN GLOBAL MARKET DATA AND MARKET REPORTS: FTSE EUROTOP 300 ..... EUROPEAN REPORT ....... Nikkei 225............. Tokyo report............ FTSE 100............... London report........... Xetra DAX............. Frankfurt market stories CAC-40................. Paris market stories... World Indices..................................... Global markets report............................ Foreign exchange...................................... Oil.................................................... US Treasuries.......................................... International bonds................................... Gold....................................... or CRB index of commodity futures........................ Keywords: MARKETS CANADA/STOCKS (solarina.ho@thomsonreuters.com;+1 416 941 8067; Reuters Messaging: solarina.ho.thomsonreuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.