CANADA STOCKS-TSX sustains six-week high as gold miners gain

Thu Feb 18, 2016 4:35pm EST
 
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(Adds portfolio manager comment; updates prices)

* TSX rises 64.2 points, or 0.5 percent, at 12,931.36

* Seven of the TSX's 10 main groups gain

By Alastair Sharp

TORONTO, Feb 18 (Reuters) - Canada's main stock index gained for a fourth straight session on Thursday, sustaining a six-week high, as gold miners rose with bullion and consumer and telecom stocks also rose, though energy shares weighed as crude oil stockpiles increased.

Canadian Tire Corp was one of the most influential movers on the index, advancing 7.8 percent to C$125.63 after its earnings beat expectations despite a slip in revenue.

The Toronto Stock Exchange's S&P/TSX composite index ended up 64.2 points, or 0.5 percent, at 12,931.36. The rise was much less dramatic than those of the prior three days, but the market outperformed Wall Street, which posted small losses.

The gains barely extended the index's Wednesday push to its highest level since Jan. 5, near the start of a sharp fall.

"The stock market was sold off to an irrational level based upon no real fundamental news," said Barry Schwartz, portfolio manager at Baskin Financial Services. "Value always surfaces."   Continued...