TORONTO (Reuters) — The Toronto Stock Exchange’s main index punched further into record territory yesterday, its sixth advance in seven days, as impressive profits at Canadian Imperial Bank of Commerce boosted the heavyweight financial sector.The S&P/TSX composite index closed up 25.88 points, or 0.2 percent, at 12,915.72. Six of the composite index’s 10 main groups were up.

“It’s all about financials, driven by the fact that CIBC had better than expected numbers, so that’s improved sentiment,” said Patricia Croft, chief economist at Phillips, Hager & North. “We’ve got momentum, positive sentiment, and for now we rally on.”

CIBC, Canada’s fifth-largest bank, credited strong retail business and a lower tax rate for a 12.5 percent jump in fourth-quarter profit. The bank’s stock surged C$2.55, or 2.8 percent, to a record C$94.80.

Financial services institutions, which account for about a third of the overall index, jumped 0.8 percent on the news and occupied the top four weighted spots on the benchmark index.

Gavin Graham, chief investment officer at Guardian Group of Funds, said that while Canadian banks differ in their global strategies, “in general the majority of their earnings still come from the Canadian retail and commercial market, so the things that drive one are going to drive the other”.

Bank of Nova Scotia and Toronto-Dominion , which are expected to report earnings today, were up 0.8 percent and 0.7 percent respectively.

Adding further leverage, Canadian gold producers bounced back from a two-session skid, adding 1.1 percent, even as profit-taking knocked bullion to a two-week low earlier in the session.

Barrick Gold Corp. conceded defeat in its protracted bid to take over NovaGold Resources Inc. , after raising its cash offer once and extending it six times since July.