CANADA STOCKS-TSX scratches higher after seven-day skid

Tue Jul 28, 2015 11:34am EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* Updates with index turning higher; adds portfolio manager's comments

By Alastair Sharp

TORONTO, July 28 (Reuters) - Canada's main stock index edged higher on Tuesday after a seven-day streak of losses as investors picked through earnings reports and several resource stocks got a bounce from recent lows.

BlackBerry Ltd gained 4.8 percent to C$9.96 after Morgan Stanley upgraded the stock of the smartphone pioneer.

Shares in oil company Husky Energy Inc jumped 3.4 percent to C$23.34 after its quarterly report.

At 11:03 a.m. EDT (1503 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 10.01 points, or 0.07 percent, at 14,011.38. It had traded in the red for much of the morning, and is down more than 5 percent in the past month.

The Chinese equities rout of the past week pummeled oil prices, hitting the shares of Canadian oil companies and exposing many resource companies to the prospect of less demand for their products as fears for the world's second largest economy increase.

"Weaker economic numbers out of China and other emerging market countries don't portend well for the commodity complex, which is what Canada is based on," said Manash Goswami, a portfolio manager at First Asset Investment Management.

Goswami said quarterly corporate earnings have so far been adequate but not outstanding.   Continued...