CANADA STOCKS-TSX ekes out gain as Manulife, Catamaran climb

Thu May 1, 2014 4:53pm EDT

* TSX up 12.20 points, or 0.08 percent, at 14,664.07
    * Five of 10 main index sectors advance
    * Manulife, Catamaran climb after results
    * Bombardier sheds 5.9 percent as results disappoint

    By John Tilak
    TORONTO, May 1 (Reuters) - Canada's main stock index edged
higher on Thursday as gains in Manulife Financial Corp 
and Catamaran Corp helped offset a decline in shares of
Bombardier Inc after those companies reported results.
    Goldcorp Inc, one of the world's biggest gold miners,
also unveiled a quarterly statement which showed a decline in
profit. The stock was little changed. 
    The Toronto stock market's benchmark index climbed to its
highest level in nearly six years earlier in the session. On
Wednesday, investors cheered upbeat commentary on the U.S.
economy by Federal Reserve Chair Janet Yellen. The U.S. central
bank also further trimmed its monthly bond buying stimulus. 
    The index is up about 7.5 percent this year and has gained
in each of the last 10 months.
    "We've done very well. The market may back and fill for a
while," said David Cockfield, managing director and portfolio
manager at Northland Wealth Management.
    "I continue to see the TSX in better shape than the U.S.
market," he added. "I'm positive on Canada because I like the
multiples."
    The Toronto Stock Exchange's S&P/TSX composite index
 unofficially closed up 12.20 points, or 0.08 percent,
at 14,664.07. Five of the 10 main sectors on the index were
higher.
    A drop in the price of oil weighed on shares of energy
producers, which shed 0.3 percent. Encana Corp gave
back 1.5 percent to C$25.02.
    "People are concerned that the energy stocks have run up too
far, too fast," said Cockfield, who notes that these declines
could open up opportunities for investors to add to their energy
holdings.
    Gold-mining shares reflected weakness in the price of
bullion. Barrick Gold Corp slipped 1.9 percent to
C$18.77.
    Several major Canadian companies reported quarterly results.
    Manulife climbed 0.8 percent, to C$20.74, 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$37.27.
    Catamaran shot up 11.8 percent to C$46.56 after the pharmacy
benefits manager reported a sharp jump in profit and revenue.
 
    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 5.9 percent
to C$4.15. 
    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 7.6 percent to C$18.06. 
    ($1=$1.10 Canadian)

 (Editing by Peter Galloway and Chris Reese)