April 27, 2012 / 8:38 PM / 7 years ago

CANADA STOCKS-Earnings boost TSX in 2nd straight weekly gain

* TSX ends up 91.90 points, or 0.8 pct, at 12,237.75
    * TSX marks second straight weekly gain, up 0.7 pct

    By Claire Sibonney	
    TORONTO, April 27 (Reuters) - Canada's main stock index
climbed on Friday, hitting its highest level since early April
and racking up its second straight weekly gain after solid North
American earnings offset disappointing U.S. economic data.	
    The index was up for the third straight day, helped by all
three powerhouse sectors - materials, energy and financials.	
    Energy shares, up 1 percent, led the gainers ahead of some
big earnings in the group next week. Canadian Natural Resources
, up 2.1 percent to C$33.31, was the most influential
advancer. The oil and natural gas producer reports on Thursday. 	
    "This may reflect some sort of positioning by investors
ahead of those earnings," said Elvis Picardo, strategist and
vice-president of research at Global Securities in Vancouver.	
    "The energy group has underperformed quite badly, it's
underperformed the TSX over the past three months so there may
be some optimism that the numbers may come in better than
current estimates."	
    Gold miner Agnico Eagle was also a key name on the
upside, soaring nearly 10 percent to C$38.66 after reporting a
73 percent increase in its quarterly profit late on Thursday,
driven largely by gains in the price of bullion. 	
    "The golds are a little bit better ... Agnico Eagle had
pretty good numbers. Goldcorp numbers yesterday were a little
weak but I think there's some bottom fishing coming into these
names here," said Bruce Latimer, trader at Dundee Securities.	
    Goldcorp was up 0.9 percent at C$38.38.	
    "Whether you're a producer or a developer or an explorer,
they've all been pretty weak the last few weeks, so they're
trying to find a bottom and it looks like some money is coming
into them," added Latimer.	
    The Toronto Stock Exchange's S&P/TSX composite index
 ended up 91.90 points, or 0.76 percent, at 12,237.75,
after touching its strongest level since April 4.	
    The index finished the week 0.7 percent firmer, its second
consecutive weekly gain after a seven-week string of losses.	
    "We're on the cusp of the typical "sell in May and go away"
season, but I think  if you look at the earnings on both sides
of the border there is some optimism that this season may not be
as disastrous as the last one," added Picardo.	
    Wall Street also rallied as stronger-than-expected earnings
from Amazon and Expedia reinforced confidence
in corporate strength, offsetting the negative impact of
weaker-than-expected U.S. growth data and a downgrade of Spain's
sovereign debt.  	
    Among the heaviest laggards, Potash Corp fell
almost 1 percent to C$41.85 and Petrominerales plunged
nearly 18 percent to C$14.09 after some analysts cut their price
targets on the names.	
    In other company news, TMX Group jumped 4.6 percent
to C$44.70 after a consortium bidding for Canada's biggest stock
exchange operators said it aims to extend its $3.8 billion
    Imax Corp dropped 1 percent to C$23.98 after the
giant movie screen maker's quarterly net profit missed
    Canadian Utilities rose 1.6 percent to C$69.65 and
its parent Atco Ltd advanced 2 percent to C$73.82
after reporting higher quarterly profits as they linked
industrial customers in northern Alberta to the province's
electricity transmission grid.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below