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    CM   CA1360691010

CANADIAN IMPERIAL BANK OF COMMERCE

(CM)
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TSX rallies as dividend increases help underpin financial shares

12/02/2021 | 04:49pm EST

(Adds details throughout, updates prices to close)

* TSX ends up 297.43 points, or 1.45%, at 20,762.03

* All 11 major sectors end higher

* Financials advance 2.2%; energy up 1.8%

* Toronto-Dominion Bank ends 4.9% higher

TORONTO, Dec 2 (Reuters) - Canada's main stock index rebounded on Thursday from a seven-week low hit in the previous session, with financials contributing to broad-based gains as major lenders boosted their dividends.

The Toronto Stock Exchange's S&P/TSX composite index ended up 297.43 points, or 1.45%, at 20,762.03, after posting on Wednesday its lowest close since Oct. 12.

Wall Street also rallied as market participants snapped up bargains while digesting the implications of a shifting pandemic. The Omicron variant has spooked investors for about a week.

"The market is awaiting confirmation on the severity of the new COVID-19 variant, the degree to which it escapes existing vaccines, and how infectious it is given this will likely dictate the global response in terms of restrictions," said Russ Mould, investment director at AJ Bell.

Financials, which account for about 30% of the Toronto market's value, gained 2.2%. Toronto-Dominion Bank and Canadian Imperial Bank of Commerce joined rivals in announcing higher dividends and share repurchases.

TD rose 4.9%, while CIBC ended down 2.8% after missing profit estimates as costs climbed.

All 11 major sectors ended higher.

The energy sector advanced 1.8% as oil prices rebounded after OPEC+ stuck to its policy of incrementally boosting output. U.S. crude oil futures settled 1.4% higher at $66.50 a barrel.

Consumer cyclical stocks gained 2.4%, helped by gains for Restaurant Brands International Inc and Magna International Inc.

Canadian Prime Minister Justin Trudeau's government will outline limited new spending in a fiscal update to be released later this month, a source said, as inflation soars and some business groups and opposition politicians call for restraint. (Reporting by Fergal Smith; Additional reporting by Amal S in Bengaluru; Editing by Peter Cooney)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CANADIAN IMPERIAL BANK OF COMMERCE 0.87% 165.1 Delayed Quote.11.97%
MAGNA INTERNATIONAL INC. -0.10% 111.74 Delayed Quote.9.17%
THE TORONTO-DOMINION BANK 0.72% 102.46 Delayed Quote.5.65%
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Analyst Recommendations on CANADIAN IMPERIAL BANK OF COMMERCE
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Financials
Sales 2022 21 450 M 17 080 M 17 080 M
Net income 2022 6 102 M 4 859 M 4 859 M
Net Debt 2022 - - -
P/E ratio 2022 12,0x
Yield 2022 3,84%
Capitalization 74 454 M 59 342 M 59 287 M
Capi. / Sales 2022 3,47x
Capi. / Sales 2023 3,27x
Nbr of Employees 45 282
Free-Float -
Chart CANADIAN IMPERIAL BANK OF COMMERCE
Duration : Period :
Canadian Imperial Bank of Commerce Technical Analysis Chart | CM | CA1360691010 | MarketScreener
Technical analysis trends CANADIAN IMPERIAL BANK OF COMMERCE
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 15
Last Close Price 165,10 CAD
Average target price 164,97 CAD
Spread / Average Target -0,08%
EPS Revisions
Managers and Directors
Victor Dodig President, Chief Executive Officer & Director
Hratch Panossian Chief Financial Officer & Senior Executive VP
Katharine Berghuis Stevenson Chairman
Christina Kramer Senior EVP-Technology, Infrastructure & Innovation
Nicholas D. Le Pan Independent Director