CANADA STOCKS-TSX up as Agnico Eagle soars; Potash, telecoms fall
* TSX up 64.31 points, or 0.5 percent at 13,307.63 * Five of the 10 main sub groups advance * Materials group up 2.2 percent; telecoms down 0.7 percent By Solarina Ho TORONTO, Oct 24 (Reuters) - Canada's main stock exchange rose on Thursday, largely bolstered by positive quarterly results from mining firms, including Agnico Eagle Mines Ltd , which jumped more than 16 percent on estimate-beating quarterly results and a higher production forecast. Five of the 10 main subgroups of The Toronto Stock Exchange's S&P/TSX composite index was in positive territory. "It's a stock pickers market, I don't see huge momentum in any particular sector," said Brian Pow, vice president, research and equity analyst at Acumen Capital Partners in Calgary. "In general, the trend is positive across the board. We have seen some of the micro caps move up a little bit, so people are taking on a little bit more risk." The S&P/TSX composite index was up 64.31 points, or 0.5 percent at 13,307.63 late morning. The overall materials group, home to mining companies, was up 2.2 percent, as Agnico, Goldcorp Inc, Teck Resources Ltd and Barrick Gold Corp were the four biggest contributors to the TSX adance, according to Reuters data. Goldcorp gained 3.4 percent to C$27.48 while Teck Resources rose 4.1 percent at C$30.62. Both companies reported quarterly results that topped expectations. Barrick climbed 3 percent to C$20.73. Shares of Agnico, which reported results after markets closed on Wednesday, were trading at C$31.23. A 4.7 percent drop in Potash Corp shares to C$31.38 tempered the group's gains. The fertilizer producer reported a sharp drop in third-quarter earnings and cut its full-year outlook more than expected. Weaker-than-expected quarterly results from Rogers Communications Inc and Shaw Communications Inc sent the telecoms group down 0.7 percent. Rogers fell 2.3 percent to $45.99 after pricing changes dented sales at its wireless unit, while Shaw fell 3.6 percent to C$24.44 after it said it was losing customers due to heightened competition.
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