TSX ekes out gain on busy, mixed earnings day

Thu Jul 28, 2016 4:48pm EDT
 
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By Alastair Sharp

TORONTO (Reuters) - Canada's main stock index eked out a small gain on Thursday, helped by positive earnings surprises from Teck Resources and others, while disappointment over Potash Corp's dividend and outlook cut and other earnings misses weighed.

The two materials stocks were emblematic of the mixed picture emerging from Canada's earnings season.

Potash Corp POT.TO fell 7.2 percent to C$20.95 after cutting its full-year profit forecast and dividend for a second time this year.

Meanwhile, Teck Resources Ltd TCKb.TO, the largest producer of steelmaking coal in North America, gained 6.6 percent to C$20.19 after reporting a surprise quarterly profit as its costs declined.

"Teck was the exact opposite of Cameco and Potash," said John Kinsey, a portfolio manager at Caldwell Securities.

Uranium producer Cameco Corp (CCO.TO: Quote) slumped 11.1 percent to C$12.47 after reporting a surprise quarterly loss due to weak uranium demand and prices.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE settled up 6.18 points, or 0.04 percent, at 14,552.72.

Half its 10 main sectors were higher, with advancers outnumbering decliners by 1.3 to 1.   Continued...

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