TSX rises, helped by pipelines, earnings wins

Tue May 2, 2017 5:14pm EDT
 
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By Alastair Sharp

TORONTO (Reuters) - Canada's main stock index rose on Tuesday, helped by gains for several companies whose financial results exceeded expectations, including e-commerce company Shopify, and by gains for pipeline companies.

Enbridge Inc (ENB.TO: Quote), Canada's largest pipeline company, added 1.2 percent to C$56.94 and TransCanada Corp (TRP.TO: Quote), its second-largest, gained 1.4 percent to C$64.25.

Pembina Pipeline Corp (PPL.TO: Quote) rose 2.4 percent to C$43.04 after announcing on Monday it would buy smaller rival Veresen Inc (VSN.TO: Quote) in a C$9.7 billion ($7.1 billion) stock-and-cash deal.

The broader energy group fell 0.4 percent as oil prices fell to a five-month low. [O/R]

E-commerce software maker Shopify Inc (SHOP.TO: Quote) jumped 7.4 percent to C$113.94 after reporting a 75 percent jump in revenue and upping its full-year sales forecast.

"The earnings were great. It was the high end of guidance, then they raised guidance," Diana Avigdor, portfolio manager and head of trading at Barometer Capital Management said of Shopify. "There's lots of opportunity for market share growth there."

Colliers International Group Inc (CIGI.TO: Quote) shares advanced 6.8 percent to C$73.24 after the commercial real estate company posted strong first-quarter results.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE closed up 44.02 points, or 0.28 percent, at 15,619.65.   Continued...

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