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TSX inches up as broad gains offset mining weakness

TSX inches up as broad gains offset mining weakness

TORONTO: Canada’s main stock index inched higher on Wednesday as broad gains offset losses among gold miners and other materials stocks.

The materials group, which includes precious and base metals miners and fertilizer companies, lost 1.4 percent even though the price of bullion was hovering near a three-week high. But six of the index’s 10 main groups were in positive territory, although decliners were outnumbering gainers overall. At 10:09 a.m. EDT (1409 GMT), the Toronto Stock Exchange’s S&P/TSX composite index rose 9.19 points, or 0.06 percent, to 14,486.20.

It had opened lower. The energy group climbed 0.6 percent and financials gained 0.4 percent. Those two sectors account for more than half the index’s weight. Husky Energy Inc advanced 6 percent to C$16.10.

The company said it had reached agreement with China’s CNOOC over a gas project.

Consumer staples rose 0.8 percent as dairy company Saputo Inc jumped 5.1 percent to C$41.78.

Several analysts raised their price targets for the company’s shares after it reported a profit jump, boosted its dividend, and said it remains interested in acquisitions.

The most influential weights included two of the world’s largest gold producers, with Barrick Gold Corp falling 1.9 percent to C$29.18 and Goldcorp Inc down 0.6 percent to C$23.57.

The sector has in recent months helped to lessen the impact on the Canadian market of global shocks, including Britain’s vote to leave the European Union, as investors back gold miners amid economic uncertainty.

Turquoise Hill Resources Ltd fell 3.7 percent to C$4.38 after announcing quarterly results late on Tuesday. Oil prices edged up, with the US benchmark back above $40 a barrel, but sentiment remains bearish amid fears of a supply glut.

Gold futures fell 0.6 percent to $1,356.6 an ounce, while copper prices declined 1.1 percent to $4,837.5 a tonne.

Shares in Shopify Inc gained 2.4 percent to C$45 after the e-commerce software maker reported a smaller-than-expected quarterly loss and provided a more upbeat outlook.

Copyright Reuters, 2016

Courtesy : BRecorder



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