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TSX flat as Valeant, miners weigh; eyes fourth weekly gain

TSX flat as Valeant, miners weigh; eyes fourth weekly gain

TORONTO: Canada’s main stock index slipped on Friday but was on track for its fourth straight weekly gain as losses for materials stocks and Valeant Pharmaceuticals International Inc were offset by rising telecom, railway and banking stocks.

Valeant declined 3.3 percent to C$30.96 after US regulators raised concerns about a new eye drop the company manufactures.

The materials group, which includes precious and base metals miners and fertilizer companies, lost 1.0 percent, with Barrick Gold Corp down 0.8 percent to C$26.50, Tahoe Resources off 2.8 percent to C$19.48, and Yamana Gold losing 2.3 percent to C$7.13.

The index’s gold miners, which typically rise with the precious metal at times of risk aversion, have in recent weeks both cushioned sharp losses elsewhere in the index and limited the upside when equities are broadly higher. Gold futures fell 0.8 percent to $1,320.4 an ounce.

At 9:55 a.m. EDT (1355 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was down 8.83 points, or 0.06 percent, at 14,557.

It is just off an 11-month high, and on track for a 0.5 percent gain on the week.

Six of the index’s 10 main groups were in positive territory, and advancers and decliners existed in almost equal measure.

Telecoms climbed 0.7 percent, with Rogers Communications Inc extending post-earnings gains with a 1.4 percent advance to C$56.44.

Its rivals, which have not yet reported second-quarter numbers, also gained, with BCE Inc up 0.5 percent to C$63.09 and Telus Corp adding 0.9 percent to C$43.67. Celestica Inc, a contract manufacturer, jumped 7.9 percent to C$14.23 after reporting earnings after the bell on Thursday.

Husky Energy Inc advanced 0.2 percent to C$15.45 after Canada’s No. 3 integrated oil company reported a smaller-than-expected quarterly loss as a focus on fewer, more efficient resource plays helped reduce production costs.

That followed the kickoff of oil and gas earnings season on Thursday with Encana Corp and Precision Drilling Corp planning to boost activity.

The energy group was slightly higher despite a fall in crude oil prices as glut fears grow. US crude prices were down 1.3 percent to $44.17 a barrel, while Brent lost 1.3 percent to $45.61.

Copyright Reuters, 2016

Courtesy : BRecorder



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