31st August 2011
Canada's main stock index reached its highest point in nearly two weeks on Tuesday (August 30th), boosted by stronger commodity prices.
Despite the emergence of weak consumer confidence data in the US, the Toronto Stock Exchange (TSX) rallied for the fourth session in a row to add 100.73 points, or 0.81 per cent, and reach 12,605.58.
According to Reuters, the heavyweight materials sector rose by 1.3 per cent as copper and gold prices posted significant gains.
Francis Campeau, broker at MF Global Canada in Montreal, told the news agency: "It's been faring well so far today on quite a strong commodity sector, from base metal to precious metal to energy."
The TSX continued to edge higher on Wednesday, buoyed by the Canadian Imperial Bank of Commerce's (CIBC's) strong earnings report.
CIBC said its third-quarter profits grew by 26 per cent to reach C$808 million (£501.3 million), while revenue was up three per cent on the third quarter of 2010.
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