CANADA STOCKS-TSX steady as Potash slides, Teck climbs on results
* TSX rises 8 points, or 0.06 percent, to 12,680.30 * Six of the 10 main index sectors decline * Potash Corp the biggest negative influence on index * Teck rises after quarterly report By John Tilak TORONTO, July 25 (Reuters) - Canada's main stock index was little changed on Thursday as gains in Teck Resources Ltd and stronger commodity prices helped offset disappointing quarterly reports from Potash Corp and Goldcorp Inc. The gains in the price of bullion and other commodities came as the market digested data that showed planned U.S. business spending rose for a third straight month in June, offering a hopeful sign for a pickup in economic growth. Many earnings reports were "awful," said Colin Cieszynski, senior market analyst at CMC Markets Canada. "It looks like just about everybody missed." "But it looks as though commodity prices are holding up some of the stocks," he added. The Toronto Stock Exchange's S&P/TSX composite index was up 8 points, or 0.06 percent, at 12,680.30. Six of the 10 main sectors on the index were in the red. Financials, the index's most heavily weighted sector, were up 0.2 percent. The materials sector, which includes mining stocks, slipped 0.3 percent, with a jump in gold miners overshadowed by declines in Potash Corp. Potash fell 4 percent to C$37.59, playing the biggest role of any single stock in weighing the index down. The world's biggest fertilizer producer reported a lower-than-expected quarterly profit and cut its outlook as prices for its crop nutrients fell. Goldcorp was down 0.9 percent at C$28.99. The world's largest gold miner by market capitalization posted a second-quarter loss as a sharp drop in the gold price cut into profits and the company recorded a $2 billion non-cash impairment charge. But shares of rival Barrick Gold Corp climbed 1.9 percent to C$18.02 and had the biggest positive influence on the market. Teck was also a big source of support, rising 2.7 percent to C$24.33. The miner reported a drop in second-quarter earnings on lower copper and coal prices. But it also cut its capital spending plan through 2014, delaying new mining projects, a move seen helping it preserve cash. Shares of energy producers climbed 0.3 percent, with sector giants Suncor Energy Inc and Canadian Natural Resources Ltd making gains. Husky Energy Inc rose 1.4 percent to C$29.98 after Canada's No. 3 integrated oil company reported a stronger-than-expected quarterly profit as production rose and the company realized higher prices.
© Thomson Reuters 2016 All rights reserved.