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TSX rises, buoyed by results from Rogers and Encana

TSX rises, buoyed by results from Rogers and Encana

TORONTO: Canada’s main stock index gained in morning trading on Thursday, boosted by strong earnings reports from Rogers Communications Inc and Encana Corp and a rebound in some materials stocks.

Rogers surged 3.5 percent to C$55.51 after posting better-than-expected quarterly profit on strong wireless and internet subscriber growth.

Encana Corp shares jumped 6.2 percent to C$11.08 after the oil and gas producer reported a surprise quarterly profit.

At 10:16 a.m. EDT (1416 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 48.05 points, or 0.33 percent, at 14,581.62. It is near an 11-month high.

First Quantum Minerals advanced 5.5 percent to C$10.55, Teck Resources gained 4.5 percent to C$18.03, and Barrick Gold Corp rose 1.9 percent to C$26.50.

The materials group, which includes precious and base metals miners and fertilizer companies, added 1.6 percent.

Across the index, there were two advancers for every decliner and six of its 10 main groups were in positive territory, with energy stocks up 0.7 percent and telecoms adding 1 percent.

The heavyweight financials group was barely lower, and industrials slipped 0.1 percent.

Canadian National Railway Co lost 0.8 percent to C$82.50 after strong gains on Wednesday following its earnings.

Mullen Group Ltd, a trucking and logistics company, advanced 9.2 percent to C$15.53 after surprisingly strong earnings prompted several analysts to raise their price targets on the stock.

Copyright Reuters, 2016

Courtesy : BRecorder



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