TSX rebounds, ends up, but energy stocks down again

Thu May 7, 2015 4:50pm EDT
 
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By Solarina Ho

TORONTO (Reuters) - Canada's main stock index rose broadly on Thursday, reversing a retreat in early trading as resource stocks turned positive, but energy companies posted another round of heavy declines as crude prices sank.

The heavily weighted materials group, home to mining and other resource companies, finished 1.7 percent higher after rebounding from early losses. The sector has remained rangebound for much of the last two months, however.

"There's so much volatility in these sectors. Everyday is a good news/bad news day and as a result you get these wiggling around in prices without much overall direction," said Julie Brough, vice president at Morgan Meighen & Associates.

Potash Corp (POT.TO: Quote) was among the most influential gainers, rising 2.5 percent to C$39.66. A number of gold miners also performed well, including Agnico Eagle Mines Ltd AEM.TO, which rose 3.2 percent to close at C$38.11.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE finished up 64.93 points, or 0.43 percent, at 15,088.82.

Of the index's 10 main groups, eight climbed. Advancing issues outnumbered declining ones by a 1.23-to-1 ratio on the upside.

Financial stocks staged a late session rally to finish in positive territory, rising a modest 0.1 percent.

Telecoms gained 2.2 percent, with Manitoba Telecom Services MBT.TO jumping 6.7 percent to C$27.38. The company said it would cut jobs at its Allstream unit and slash its dividend following a strategic review.   Continued...

 
A sign board displaying Toronto Stock Exchange (TSX) stock information is seen in Toronto June 23, 2014. REUTERS/Mark Blinch