TSX snaps seven-day skid on energy bounce
By Alastair Sharp
TORONTO (Reuters) - Canada's main stock index broke a seven-day slump on Tuesday as investors picked through earnings reports for glimmers of hope and resource stocks bounced off recent lows.
The energy sector has lost more than a quarter of its value since a peak in mid-April. It rose 2 percent on the day, as oil prices stabilized after a four-day slide. [O/R]
Still, enthusiasm was in short supply.
"I don't think funds are aggressively buying or selling here," said Ian Nakamoto, director of research at MacDougall, MacDougall & MacTier. "It's hard to get a sense of direction. Because we've come down a fair bit a lot of the bad news is priced into these stocks, the energy and the mining companies."
Cenovus Energy Inc CVE.TO gained 5.9 percent to C$18.26 and Suncor Energy Inc SU.TO added 1.4 percent to C$33.18. Husky Energy Inc HSE.TO jumped 4.2 percent to C$23.52 after its quarterly report.
The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE ended up 75.99 points, or 0.54 percent, at 14,077.36. It is down more than 5 percent in the past month.
"The trend still appears to be more on the downside," Nakamoto said.
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