October 24, 2019 / 11:40 AM / 9 months ago

Materials drive TSX higher, Husky falls on weak results

(Reuters) - Canada’s main stock index rose on Thursday as gains in shares of gold miners and a string of positive earnings helped offset a drop in Husky Energy following disappointing results.

FILE PHOTO: The Art Deco facade of the original Toronto Stock Exchange building is seen on Bay Street in Toronto, Ontario, Canada January 23, 2019. REUTERS/Chris Helgren

* At 9:55 a.m. ET (13:55 GMT), the Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE was up 67.37 points, or 0.41%, at 16,403.3.

* Better-than-expected results from Canadian Pacific Railway Ltd (CP.TO), Teck Resources Ltd TCKb.TO and Agnico Eagle Mines Ltd (AEM.TO) pushed their shares between 1% and 3.5% higher.

* Ten of the index’s 11 major sectors gained, with the materials sector .GSPTTMT, which includes precious and base metals miners, leading the rally on the back of higher gold prices.

* The energy sector .SPTTEN made the smallest gains, up 0.1%, as higher oil prices were offset by a 4% slump in shares of Husky Energy Inc (HSE.TO) after it reported a 50% drop in quarterly profit.

* The financials sector .SPTTFS gained 0.2%, while the industrials sector .GSPTTIN rose 0.9%.

* On the TSX, 157 issues were higher, while 70 issues declined for a 2.24-to-1 ratio favoring gainers, with 15.34 million shares traded.

* The largest percentage gainers on the TSX were Mullen Group Ltd (MTL.TO), up 8.9%, and Agnico Eagle Mines (AEM.TO), up 4.6%.

* Firstservice Crp (FSV.TO) fell 3.1%, the most on the TSX.

* The most heavily traded shares by volume were Coro Mining Corp (COP.TO), Royal Bank of Canada (RY.TO), and Bank Of Montreal (BMO.TO).

* The TSX posted three new 52-week highs and no new lows.

* Across all Canadian issues there were 15 new 52-week highs and five new lows, with total volume of 24.07 million shares.

Reporting by Agamoni Ghosh; Editing by Aditya Soni

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