February 10, 2011 / 9:41 PM / 8 years ago

CANADA STOCKS-TSX rises on energy rebound; earnings disappoint

   * TSX up 56.27 points, or 0.41 percent, at 13,840.57
 * Five of the 10 main groups advance  (Adds details, background)
 TORONTO, Feb 10 (Reuters) - Toronto’s main stock index finished higher on Thursday as energy issues rebounded from a four-day decline.
 Encana Corp (ECA.TO) jumped 4.47 percent to C$32.02 on its sale of shale gas assets to PetroChina. [ID:nSGE71908F]
 “What it underscores is the fact that companies and countries looking for resource exposure and resources to fill their needs going forward are looking to Canada,” said Bob Gorman, chief portfolio strategist at TD Securities.
 “That will likely augur well for the resource sector going forward.”
 Suncor Energy (SU.TO) climbed 1.58 percent to C$41.13, while Canadian Natural Resources (CNQ.TO) rose 1.84 percent to C$44.22.
 The overall energy group rose 1.19 percent, despite lackluster movement in oil prices. [O/R]
 The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE reversed earlier losses to finish up 56.27 points, or 0.41 percent, at 13,840.57.
 “For the most part the market has been moving in a fairly narrow range over the course of the day,” said Gorman.
 Five of the TSX’s 10 main groups made gains. Research In Motion RIM.TO rose 5.5 percent to C$66.70 to help the overall tech sector advance 0.79 percent.
 The influential financials group rose 0.3 percent, with Bank of Nova Scotia (BNS.TO) ahead 1.95 percent at C$59.19.
 Disappointing earnings kept the gains in check, however, with blue-chip companies like Manulife Financial (MFC.TO), Thomson Reuters (TRI.TO), and BCE (BCE.TO) leading declines.
 Manuflife slumped 5.13 percent to C$17.95, while Thomson Reuters gave back 2.68 percent to close at C$39.96. BCE was off 1.23 percent at C$36.14. [ID:nN08136113] [ID:nN09100522] [ID:nN10262604]  (Reporting by Solarina Ho, Claire Sibonney and Ka Yan Ng; editing by Rob Wilson)                                        

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