CANADA STOCKS-TSX climbs for 8th day as Barrick, Goldcorp gain

Thu Feb 13, 2014 11:33am EST
 
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* TSX rises 23.36 points, or 0.17 percent, to 13,923.85
    * Six of the 10 main index sectors advance
    * Teck, Cenovus, Manulife, Bombardier drop after results
    * Barrick, Goldcorp climb despite reporting losses

    By John Tilak
    TORONTO, Feb 13 (Reuters) - Canada's main stock index was up
for an eighth day in an earnings-driven session on Thursday as
strength in shares of Barrick Gold Corp and Goldcorp
Inc offset a string of disappointing quarterly results.
    Sharp declines in Teck Resources Ltd, Cenovus
Energy Inc, Manulife Financial Corp and
Bombardier Inc exerted downward pressure on the
market.
    But gains in the shares of Barrick and Goldcorp, the world's
two biggest gold miners, even though both reported quarterly
losses, helped the index overcome the broad weakness.
  
     "The market remains nervous. I'm not expecting to see any
real direction in the near term," said Michael Sprung, president
of Sprung Investment Management. "I wouldn't be surprised, given
the runup we've had last year, to see a correction at some
point."
    The Toronto Stock Exchange's S&P/TSX composite index
 was up 23.36 points, or 0.17 percent, at 13,923.85.
    Sprung said he expects a high level of market volatility in
2014 but sees the TSX ending the year higher. The Canadian
benchmark index has outperformed the S&P 500 so far this
year.
    Investors also digested data on Thursday that showed a rise
in the number of Americans filing new claims for unemployment
benefits last week. Separate figures showed U.S. retail sales
fell in January, missing expectations, as cold weather had an
impact. [ID: nL2N0LH244]
    Six of the 10 main sectors on the index were higher.
    Financials, the index's most heavily weighted sector,
climbed 0.3 percent, with gains in banks offsetting weakness in
Manulife. Royal Bank of Canada advanced 0.6 percent to
C$70.96.
    Manulife reported a 20 percent rise in fourth-quarter
profit, but that fell short of estimates. Shares of the
country's biggest life insurer were down 1.3 percent at
C$20.63. 
    Cenovus Energy's quarterly operating profit missed market
expectations as production at its Foster Creek oil sands project
in northern Alberta dropped 11 percent. The stock slipped 2.8
percent to C$28.82. 
    Teck shed 6.1 percent to C$26.17 after the diversified miner
reported a lower quarterly operating profit. 
    Plane and train maker Bombardier posted a
lower-than-expected quarterly profit due to a fall in gross
margins and forecast a slowdown in revenue growth at its rail
unit this year. 
    One of the big gainers in Toronto was Verde Potash PLC
, which soared for a second straight day ahead of an
announcement next week on Brazilian government funding for
agriculture-related projects. Shares of Verde, which is
developing a potash mine in Brazil, jumped 30 percent to 70
Canadian cents, following a 52 percent rise the previous
session.