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CANADA STOCKS-TSX up most in 2 months as energy stocks rally

Published 2017-11-30, 04:33 p/m
© Reuters.  CANADA STOCKS-TSX up most in 2 months as energy stocks rally
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* TSX ends up 99.76 points, or 0.62 percent, at 16,067.48

* Seven of the TSX's 10 main groups move higher

By Alastair Sharp

TORONTO, Nov 30 (Reuters) - Canada's main stock index had its biggest one-day gain in more than two months on Thursday, with energy shares rallying as OPEC members extended output cuts and Canadian Imperial Bank of Commerce CM.TO rising after forecast-busting earnings.

* The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE ended up 99.76 points, or 0.62 percent, at 16,067.48. Seven of its 10 main groups finished higher, with advancers outnumbering decliners by a 4.5-to-1 ratio.

* The energy group climbed 2.2 percent, with crude prices boosted by a deal among OPEC members and other oil producers to extend output cuts until the end of 2018. Pipeline operator Enbridge Inc ENB.TO jumped 6.3 percent to C$48.65 after saying it plans to sell C$3 billion of assets. Toronto-Dominion Bank TD.TO , the country's second-biggest bank, lost 2.4 percent to C$73.24 as lower investment banking revenue contributed to a fourth-quarter earnings miss, while No. 5 lender Canadian Imperial Bank of Commerce CM.TO rose 2.9 percent to C$118.14 after its earnings exceeded expectations. Lundin Mining Corp LUN.TO slumped 16.1 percent to C$7.52 in heavy volume after the diversified base metals miner lowered production guidance for 2018 at a flagship copper mine and several analysts cut their recommendations and target prices on the stock. The materials group, which includes precious and base metals miners and fertilizer companies, lost 0.3 percent.

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