CANADA STOCKS-TSX shrugs off insurer gloom; banks and energy lead

Thu Feb 12, 2015 5:07pm EST
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(Adds portfolio manager comment, details, updates prices to close)

* TSX ends up 77.02 points, or 0.51 pct, at 15,228.52

* Manulife, Sun Life fall after disappointing earnings

* Bombardier tumbles after posting loss, shuffling management

By Alastair Sharp

TORONTO, Feb 12 (Reuters) - Big insurers weighed on Canada's main stock index on Thursday, but major banks and blue-chip energy companies pushed the market higher as crude oil prices rallied.

Shares in Manulife Financial and Sun Life Financial slipped after the insurers reported disappointing quarterly results. Manulife was off 2.3 percent at C$21.33 while smaller rival Sunlife fell 6.5 percent to C$39.23.

Investors also sold off Bombardier Inc, which saw its stock drop 11.5 percent to C$2.69, after the airplane maker reported a loss, replaced its chief executive, suspended dividends, sought to raise $2 billion, and revealed more cost overruns in a key project.

Yet the index was kept in the black in part by the sector that has most heavily weighed in recent months: energy.   Continued...