CANADA STOCKS-TSX up as Agnico Eagle soars; Potash, telecoms fall

Thu Oct 24, 2013 11:41am EDT
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* 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
    "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
    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.