CANADA STOCKS-TSX rises on energy rebound; earnings disappoint

Thu Feb 10, 2011 4:39pm EST
 
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   * TSX up 56.27 points, or 0.41 percent, at 13,840.57
 * Five of the 10 main groups advance
 (Adds details, background)
 TORONTO, Feb 10 (Reuters) - Toronto's main stock index
finished higher on Thursday as energy issues rebounded from a
four-day decline.
 Encana Corp ECA.TO jumped 4.47 percent to C$32.02 on its
sale of shale gas assets to PetroChina. [ID:nSGE71908F]
 "What it underscores is the fact that companies
and countries looking for resource exposure and resources to
fill their needs going forward are looking to Canada," said Bob
Gorman, chief portfolio strategist at TD Securities.
 "That will likely augur well for the resource sector going
forward."
 Suncor Energy SU.TO climbed 1.58 percent to C$41.13,
while Canadian Natural Resources CNQ.TO rose 1.84 percent to
C$44.22.
 The overall energy group rose 1.19 percent, despite
lackluster movement in oil prices. [O/R]
 The Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE reversed earlier losses to finish up 56.27 points, or
0.41 percent, at 13,840.57.
 "For the most part the market has been moving in a fairly
narrow range over the course of the day," said Gorman.
 Five of the TSX's 10 main groups made gains. Research In
Motion RIM.TO rose 5.5 percent to C$66.70 to help the overall
tech sector advance 0.79 percent.
 The influential financials group rose 0.3 percent, with
Bank of Nova Scotia BNS.TO ahead 1.95 percent at C$59.19.
 Disappointing earnings kept the gains in check, however,
with blue-chip companies like Manulife Financial MFC.TO,
Thomson Reuters TRI.TO, and BCE BCE.TO leading declines.
 Manuflife slumped 5.13 percent to C$17.95, while Thomson
Reuters gave back 2.68 percent to close at C$39.96. BCE was off
1.23 percent at C$36.14. [ID:nN08136113] [ID:nN09100522]
[ID:nN10262604]
 (Reporting by Solarina Ho, Claire Sibonney and Ka Yan Ng;
editing by Rob Wilson)