February 13, 2014 / 10:14 PM / 6 years ago

CANADA STOCKS-TSX rally extends to 8th day on Barrick, Goldcorp

* TSX rises 101.16 points, or 0.73 percent, to 14,001.65
    * Nine of 10 main index sectors advance
    * Teck, Cenovus, Great-West Lifeco, Bombardier drop after
    * Barrick, Goldcorp climb despite posting losses

    By John Tilak
    TORONTO, Feb 13 (Reuters) - Canada's main stock index rose
on Thursday for an eighth straight session as gains in shares of
Barrick Gold Corp and Goldcorp Inc helped
overcome a wave of disappointing quarterly reports.
    Investors also shrugged off data 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.
    Sharp declines in Teck Resources Ltd, Cenovus
Energy Inc, Great-West Lifeco's and Bombardier
Inc exerted downward pressure on the market.
    In contrast, share advances in Barrick and Goldcorp, the
world's two biggest gold miners, even though both reported
quarterly losses, lifted broader sentiment. 
    The Toronto market hit a three-week high and ended the day
within a point of a multi-year high.
    "As we get closer to the 14,000 level, we should expect
volatility to pick up and the market might meet some
resistance," said Ben Jang, a portfolio manager who helps manage
about C$2.5 billion in assets at Nicola Wealth Management. "With
the pickup in volatility, investors should focus on good
fundamental stories."
    "The market hasn't distinguished value from growth," he
added. "As valuations get stretched, the market will find
stability in lower-multiple names."
    The Toronto Stock Exchange's S&P/TSX composite index
 closed up 101.16 points, or 0.73 percent, at
14,001.65. The Canadian benchmark index has outperformed the S&P
500 so far this year.
    "As global growth picks up, Canada should benefit," Jang
said. "Net-net, there should be inflows into the Canadian market
because of that."
    Nine of the 10 main sectors on the index were higher on
    Financials, the index's most heavily weighted sector,
climbed 0.8 percent, with gains in banks offsetting weakness in
some insurers. Royal Bank of Canada advanced 0.9 percent
to C$71.20.
    Great-West Lifeco's fourth-quarter profit more than doubled
due in part to a litigation recovery of C$226 million. Shares of
the country's second-largest life insurer gave back 3.3 percent
to C$30.85.
    Larger rival Manulife reported a 20 percent rise in
fourth-quarter profit, but that was short of estimates. The
stock was little changed. 
    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 2.9
percent to C$28.77. 
    Teck shed 6.7 percent to C$26 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. Shares tumbled 8.9 percent to C$3.68.
    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 13 percent to 61
Canadian cents, following a 52 percent rise the previous
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