CANADA STOCKS-TSX steady as Manulife, Catamaran offset Bombardier drop

Thu May 1, 2014 11:34am EDT

* TSX down 4.08 points, or 0.03 percent, at 14,647.79
    * Five of the 10 main index sectors decline
    * Manulife, Catamaran climb after results
    * Bombardier sheds 6.8 percent as results disappoint

    By John Tilak
    TORONTO, May 1 (Reuters) - Canada's main stock index rose on
Thursday as gains in Manulife Financial Corp and
Catamaran Corp helped offset a decline in shares of
Bombardier Inc as investors digested a stream of
corporate earnings reports. 
    Goldcorp Inc, one of the world's biggest gold miners,
also reported a decline in quarterly profit, but its stock was
little changed. 
    "It's been a very heavy earnings day in Canada," said Colin
Cieszynski, senior market analyst at CMC Markets Canada. 
    "Overall, they've been somewhat mixed," he said of the
earnings season so far. "It's indicating that the Canadian
economy has done fairly well coming out of the recession,
although there are some patches of weakness."
     On Wednesday, the Toronto stock market's benchmark index 
climbed to its highest level in nearly six years on upbeat
commentary on the U.S. economy by Federal Reserve Chair Janet
Yellen. The U.S. central bank also further trimmed its monthly
stimulus. 
    The index is up about 7.5 percent this year, and Cieszynski
has predicted it will outperform the S&P 500 index in
2014.
    The Toronto Stock Exchange's S&P/TSX composite index
 was down 4.08 points, or 0.03 percent, at 14,647.79 on
Thursday morning. Five of the 10 main sectors on the index were
lower.
    Financials, the most heavily weighted sector, added 0.2
percent. In the group, Manulife climbed 1.6 percent to C$20.91,
after the insurer's first-quarter profit surged more than 50
percent as a stronger investment performance and higher wealth
management fees more than offset weaker insurance
sales. 
    Shares of rival Sun Life Financial Inc advanced 0.5
percent to C$37.29.
    A drop in the price of oil weighed on shares of energy
producers, which shed 0.3 percent. Encana Corp gave
back 0.6 percent to C$25.24.
    Gold-mining shares reflected weakness in the price of
bullion. Barrick Gold Corp slipped 0.8 percent to
C$18.98.
    Bombardier reported slightly weaker-than-expected results,
prompting some analysts to express concerns about the aircraft
and train maker's cash burn rate as it continues to pour money
into its CSeries aircraft program. The stock tumbled 6.6 percent
to C$4.12. 
    Catamaran shot up 11.4 percent to C$46.38 after reporting
quarterly results. 
    Resolute Forest Products Inc posted a bigger
first-quarter loss after an abnormally cold winter made power
more expensive and disrupted shipments of specialty paper and
pulp. The stock lost 9.6 percent to C$17.66. 
    ($1=$1.10 Canadian)

 (Editing by Peter Galloway)
A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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