CANADA STOCKS-TSX steady as Manulife, Catamaran offset Bombardier drop
* TSX down 4.08 points, or 0.03 percent, at 14,647.79 * Five of the 10 main index sectors decline * Manulife, Catamaran climb after results * Bombardier sheds 6.8 percent as results disappoint By John Tilak TORONTO, May 1 (Reuters) - Canada's main stock index rose on Thursday as gains in Manulife Financial Corp and Catamaran Corp helped offset a decline in shares of Bombardier Inc as investors digested a stream of corporate earnings reports. Goldcorp Inc, one of the world's biggest gold miners, also reported a decline in quarterly profit, but its stock was little changed. "It's been a very heavy earnings day in Canada," said Colin Cieszynski, senior market analyst at CMC Markets Canada. "Overall, they've been somewhat mixed," he said of the earnings season so far. "It's indicating that the Canadian economy has done fairly well coming out of the recession, although there are some patches of weakness." On Wednesday, the Toronto stock market's benchmark index climbed to its highest level in nearly six years on upbeat commentary on the U.S. economy by Federal Reserve Chair Janet Yellen. The U.S. central bank also further trimmed its monthly stimulus. The index is up about 7.5 percent this year, and Cieszynski has predicted it will outperform the S&P 500 index in 2014. The Toronto Stock Exchange's S&P/TSX composite index was down 4.08 points, or 0.03 percent, at 14,647.79 on Thursday morning. Five of the 10 main sectors on the index were lower. Financials, the most heavily weighted sector, added 0.2 percent. In the group, Manulife climbed 1.6 percent to C$20.91, after the insurer's first-quarter profit surged more than 50 percent as a stronger investment performance and higher wealth management fees more than offset weaker insurance sales. Shares of rival Sun Life Financial Inc advanced 0.5 percent to C$37.29. A drop in the price of oil weighed on shares of energy producers, which shed 0.3 percent. Encana Corp gave back 0.6 percent to C$25.24. Gold-mining shares reflected weakness in the price of bullion. Barrick Gold Corp slipped 0.8 percent to C$18.98. Bombardier reported slightly weaker-than-expected results, prompting some analysts to express concerns about the aircraft and train maker's cash burn rate as it continues to pour money into its CSeries aircraft program. The stock tumbled 6.6 percent to C$4.12. Catamaran shot up 11.4 percent to C$46.38 after reporting quarterly results. Resolute Forest Products Inc posted a bigger first-quarter loss after an abnormally cold winter made power more expensive and disrupted shipments of specialty paper and pulp. The stock lost 9.6 percent to C$17.66. ($1=$1.10 Canadian) (Editing by Peter Galloway)
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