Banks Lead TSX To Modest Gain -- Canadian Commentary

(RTTNews) - Canadian stocks were slightly higher Thursday, as big banks rose on relatively upbeat earnings.

Energy stocks were weak even as crude oil prices rallied amid hopes for a deal between Saudi Arabia and others to freeze output.

Venezuela, Russia, Saudi Arabia and Qatar are expected to meet in the coming days, according to media reports.

The S&P/TSX Composite Index added 13.33 points, or 0.10 percent, to 12,753.60.

Toronto-Dominion Bank (TD.TO) said first-quarter profit rose 7.9 percent on growth in its Canadian and U.S. retail banking. The lender raised its quarterly dividend 7.8 percent to 55 cents a share.

The stock rose 1.3 percent.

Canadian Imperial Bank of Commerce (CM.TO) announced a profit for its first quarter that advanced 9 percent from last year.

US crude futures gained 92 cents, or 2.9%, at $33.07 a barrel.