Canadian stock market rises on strong bank earnings

The Canadian stock market posted a solid gain of nearly 100 points Thursday amid strong bank earnings and an easing of concerns about a U.S.-led military intervention in the Syria's civil war. The Toronto Stock Exchange's benchmark S&P/TSX Composite Index closed up 97.51 points, or 0.77 percent, to 12,607.22. Bullish quarterly profit reports from major Canadian banks buoyed market sentiment Thursday, pushing financial sector up 1.35 percent. Royal Bank of Canada and Toronto Dominion Bank, Canada's two biggest lenders, reported quarterly earnings that topped market expectations. Royal Bank of Canada rose 1.16 percent to 65. 24 Canadian dollars (61.98 U.S. dollars) per share, while Toronto Dominion Bank shares were up 2.67 percent to 89.93 Canadian dollars apiece. Also, the third-quarter profit of Canadian Imperial Bank of Commerce rose 6 percent, driven by stronger retail banking and wealth management income. Its shares increased 2.76 percent to 82. 66 Canadian dollars. Meanwhile, the prospect of an immediate multinational intervention in the Syria's civil war eased a little as more signs showed a delay in the joint military action after the UN Security Council's permanent members failed to agree to a proposal to use force against Syria. Falling commodity prices weighed on energy and mining stocks on the Toronto Stock Exchange. The metals and mining sector was the biggest decliner, down 1.2 percent with Teck Resources Limited down 0.7 percent to 26.80 Canadian dollars a share. Energy sector was off 0.4 percent. Suncor Energy lost 1 percent to 36.10 Canadian dollars per share. Canadian Natural Resources Limited dropped 0.6 percent to 32.77 Canadian dollars a share. At closing, the Canadian dollar closed down at 0.9493 U.S. dollars at 5 p.m. local time (2100 GMT), compared with 0.9538 U.S. dollars Wednesday.