TSX ekes out gain as Manulife, Catamaran climb

Thu May 1, 2014 4:55pm EDT
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By John Tilak

TORONTO (Reuters) - Canada's main stock index edged higher on Thursday as gains in Manulife Financial Corp (MFC.TO: Quote) and Catamaran Corp CCT.TO helped offset a decline in shares of Bombardier Inc (BBDb.TO: Quote) after those companies reported results.

Goldcorp Inc (G.TO: Quote), one of the world's biggest gold miners, also unveiled a quarterly statement which showed a decline in profit. The stock was little changed.

The Toronto stock market's benchmark index climbed to its highest level in nearly six years earlier in the session. On Wednesday, investors cheered upbeat commentary on the U.S. economy by Federal Reserve Chair Janet Yellen. The U.S. central bank also further trimmed its monthly bond buying stimulus.

The index is up about 7.5 percent this year and has gained in each of the last 10 months.

"We've done very well. The market may back and fill for a while," said David Cockfield, managing director and portfolio manager at Northland Wealth Management.

"I continue to see the TSX in better shape than the U.S. market," he added. "I'm positive on Canada because I like the multiples."

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE unofficially closed up 12.20 points, or 0.08 percent, at 14,664.07. Five of the 10 main sectors on the index were higher.

A drop in the price of oil weighed on shares of energy producers, which shed 0.3 percent. Encana Corp (ECA.TO: Quote) gave back 1.5 percent to C$25.02.   Continued...

A Bay Street sign is seen in the heart of the financial district in Toronto, August 17, 2009. REUTERS/Mark Blinch