CANADA STOCKS-TSX undercut by profit misses, Encana soars

Thu Feb 10, 2011 10:30am EST
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* TSX falls 0.34 percent to 13,737.95

* Manulife, Thomson Reuters, and BCE drop on results

* Encana rises nearly 6 pct on PetroChina deal (Adds details)

By Ka Yan Ng

TORONTO, Feb 10 (Reuters) - Toronto's main stock index was lower on Thursday morning, pressured by earnings misses from Canadian and international companies.

Disappointing earnings from global names Cisco and Credit Suisse weighed on overall sentiment, although stronger-than-expected weekly U.S. jobs figures helped to temper the decline.

At home, investors pushed down shares of Manulife Financial (MFC.TO: Quote), Thomson Reuters (TRI.TO: Quote), and BCE Inc (BCE.TO: Quote) after the blue-chip companies' results missed expectations.

At 10:10 a.m. (1510 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 46.35 points, or 0.34 percent, at 13,737.95. Earlier it hit a one-week low of 13,692.79. Seven index sectors declined.

"Overall the earnings coming out today are tending to slightly disappoint on balance," said Michael Sprung, president at Sprung & Co Investment Counsel.   Continued...