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CANADA STOCKS-TSX falls as deal news pressures Cenovus, CIBC

Published 2017-03-30, 11:54 a/m
© Reuters.  CANADA STOCKS-TSX falls as deal news pressures Cenovus, CIBC
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(Adds details on sectors and stocks throughout and updates prices)

* TSX falls 37.67 points, or 0.24 percent, to 15,619.96

* Seven of the TSX's 10 main groups fall

TORONTO, March 30 (Reuters) - Canada's main stock index pulled back from a one-month high on Thursday as deal-related news pressured shares of Cenovus Energy Inc CVE.TO and Canadian Imperial Bank of Commerce CM.TO .

Cenovus shares tumbled 11.8 percent to C$15.39 after the Canadian company agreed to buy oil sands and natural gas assets from ConocoPhillips (NYSE:COP) COP.N for C$17.7 billion. overall energy group was down 1.2 percent even as oil prices rose. U.S. crude CLc1 was up 1.8 percent at $50.41 a barrel. O/R

Shares of CIBC fell 2.1 percent to C$114.79 after it raised its offer for PrivateBancorp Inc PVTB.O ahead of a June deadline. CIBC said it offered about $4.9 billion in cash and stock, up from the earlier $3.8 billion offer. Bank's TD.TO chief executive officer told shareholders at the bank's annual meeting that it does not have a "widespread problem" with its sales practices, responding to a report staffers were pressured to meet targets. shares rose 0.4 percent to C$66.37, while the overall financials group was little changed.

The steady profile for financials came as data showed that the U.S. economy grew at a faster pace in the fourth quarter than previously estimated. Some of Canada's major banks have operations in the United States.

At 11:37 a.m. ET (1537 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was off 37.67 points, or 0.24 percent, to 15,619.96.

On Wednesday, the index posted its highest close in more than a month at 15,657.63.

Dollarama Inc's DOL.TO quarterly profit beat analysts' estimates as the average amount customers spent at its stores increased, sending the Canadian discount retailer's shares to a record high, up 7.6 percent at C$107.35. of the index's 10 main groups were lower.

The materials group, which includes precious and base metals miners and fertilizer companies, lost 0.4 percent.

Gold futures GCc1 fell 0.4 percent to $1,249.1 an ounce, while copper prices CMCU3 advanced 1.1 percent to $5,971 a tonne. GOL/ MET/L

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