TORONTO (Reuters) - Canada’s main stock index rose on Tuesday, helped by gains for several companies whose financial results exceeded expectations, including e-commerce company Shopify, and by gains for pipeline companies.
Pembina Pipeline Corp (PPL.TO) rose 2.4 percent to C$43.04 after announcing on Monday it would buy smaller rival Veresen Inc VSN.TO in a C$9.7 billion ($7.1 billion) stock-and-cash deal.
The broader energy group fell 0.4 percent as oil prices fell to a five-month low. [O/R]
E-commerce software maker Shopify Inc (SHOP.TO) jumped 7.4 percent to C$113.94 after reporting a 75 percent jump in revenue and upping its full-year sales forecast.
“The earnings were great. It was the high end of guidance, then they raised guidance,” Diana Avigdor, portfolio manager and head of trading at Barometer Capital Management said of Shopify. “There’s lots of opportunity for market share growth there.”
Colliers International Group Inc (CIGI.TO) shares advanced 6.8 percent to C$73.24 after the commercial real estate company posted strong first-quarter results.
The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE closed up 44.02 points, or 0.28 percent, at 15,619.65.
Seven of the index’s 10 main groups finished in positive territory, with financials and natural resource groups slipping.
Valeant Pharmaceuticals International Inc (VRX.TO) advanced 6.7 percent to C$14.11 after its CEO told shareholders the company is on track to repay $5 billion in debt by early next year.
Alternative lender Home Capital Group (HCG.TO) gained 11.4 percent to C$7.75. The company’s stock has plummeted since a securities regulator last month accused top executives of hiding mortgage broker fraud from investors.
WestJet Airlines Ltd (WJA.TO) declined 3.2 percent to C$22.10 after reporting a 45 percent drop in profit and saying it would buy more jets, raising its capital expenditure.
Reporting by Alastair Sharp; editing by Grant McCool