TSX rises as CP Rail and Cameco gain

Thu Jan 19, 2017 11:00am EST
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TORONTO (Reuters) - Canada's main stock index moved higher in morning trade on Thursday, helped by a jump in Canadian Pacific Railway shares and a rebound in uranium producer Cameco Corp.

At 10:38 a.m. ET (1538 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was up 46.77 points, or 0.3 percent, to 15,444.62.

Canadian Pacific Railway (CP.TO: Quote), which rose 4.6 percent to C$201.40 a day after saying its chief executive would leave five months earlier than originally expected and reported a lower-than-expected adjusted quarterly profit.

The industrials group rose 1 percent overall.

Uranium producer Cameco Corp (CCO.TO: Quote) bounced 7.9 percent higher to C$15.53 after a nearly 17-percent fall on Wednesday after a profit warning.

Oil rallied from a one-week low as the International Energy Agency said oil markets were tightening even before cuts agreed by OPEC and other producers took effect.

The index's energy group, which also includes Cameco, climbed 0.4 percent.

Milestone Apartments Real Estate Investment Trust MST_u.TO advanced 9.5 percent to C$21.52 after a unit of private investment firm Starwood Capital Group said it would buy the REIT in a deal valued at about $2.85 billion.

The heavyweight energy and financial groups were barely higher, while the materials group, which includes precious and base metals miners and fertilizer companies, lost 0.3 percent.   Continued...

A man walks past an old Toronto Stock Exchange (TSX) sign in Toronto, June 23, 2014.   REUTERS/Mark Blinch