CANADA STOCKS-TSX rises, boosted by earnings beats for big banks

(Adds details on specific stocks, updates prices)

* TSX rises 64.37 points, or 0.42 percent, to 15,483.86

* Six of TSX’s 10 main groups move higher; financials up 0.8
pct

TORONTO, May 25 Canada’s main stock index rose
in early trading on Thursday, boosted by sharp gains for shares
of major banks whose quarterly earnings impressed investors.

The country’s biggest bank, Royal Bank of Canada,
rose 1.3 percent to C$94.22 after reporting an 11 percent profit
increase, beating market forecasts, on strong performances in
its capital markets and wealth management businesses.

Canada’s second-largest lender, Toronto-Dominion Bank
, was up 2.2 percent at C$64.45. Its earnings also
exceeded expectations, helped by a strong performance at its
retail and investment banking businesses.

No. 5 bank Canadian Imperial Bank of Commerce
slipped 0.1 percent to C$106.15 after reporting a softer beat
than its two larger peers.

At 10:12 a.m. ET (1412 GMT), the Toronto Stock Exchange’s
S&P/TSX composite index was up 64.37 points, or 0.42
percent, at 15,483.86.

Six of the index’s 10 main sectors were higher, with five
gainers for every two decliners overall.

The financials group, which accounts for a third of the
index’s weight, rose 0.8 percent.

Manulife Financial Corp, Canada’s biggest life
insurer, was up 1 percent at C$23.77 after it named Roy Gori, an
executive from its Asia division, to replace the retiring Donald
Guloien as chief executive officer.

Forestry products company Tembec Inc jumped 40.7
percent to C$4.15 after accepting a buyout offer from Rayonier
Advanced Materials Inc for C$4.05 a share.

The energy group gained 0.7 percent after a delegate of the
Organization of the Petroleum Exporting Countries said the
producer group had decided to extend cuts in oil output to March
2018.
(Reporting by Alastair Sharp; Editing by Lisa Von Ahn)