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TSX Jumps 100 Points As OPEC Extends Cuts -- Canadian Commentary

Canadian stocks rallied Thursday, pushing back toward record highs on strength in the energy sector. U.S. stocks also soared, with the Dow Jones Industrial Average skyrocketing above 24,000 for the first time.

Canada's TSX Composite Index rose 99.76 points to 16,067.48. Energy stocks jumped 2.1 percent after OPEC announced it has extended its supply quota plan with Russia through 2018.

Health care shares also gained more than 2 percent. and financial stocks remained in focus as another pair of big banks turned in quarterly results.

Days after being singled out by a noted short-seller, CIBC (CM.TO) beat profit estimates on the back of strong revenue from its Canadian business. Shares jumped 3.3 percent.

CIBC earnings climbed to C$1.23 billion, or C$2.81 per share. This was higher than C$1.03 billion, or C$2.60 per share, in last year's fourth quarter, and well surpassed market estimates.

On the other hand, TD Bank (TD.TO) quarter earnings fell short of expectations. On an adjusted basis, TD says it earned $1.36 per diluted share, compared with $1.22 per diluted share a year ago. Shares fell 2 percent.

Enbridge (ENB.TO) said it will sell some assets and boost its dividend by 10% next year. Shares rose 6.2 percent.

AirTransat was fined for hour-long tarmac delay. Shares rose 1 percent.

Lundin Mining (LUN.TO) shares fell after the company trimmed its production guidance

Jan. WTI oil settled at $57.40/bbl on Nymex, up 10 cents, or less than 0.2%.

In economic news, Canada's current account deficit (on a seasonally adjusted basis) widened by $3.8 billion in the third quarter to $19.3 billion.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

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