CANADA STOCKS-TSX edges higher as Potash, Teck offset weak golds and oils

Thu Jul 24, 2014 11:26am EDT

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* TSX up 2.50 points, or 0.02 percent, at 15,396.88
    * Energy producers and gold miners weaker
    * Potash Corp, Teck Resources, Encana gain after results

 (Adds analyst's quotes, details on market activity)
    By Cameron French
    TORONTO, July 24 (Reuters) - Canada's main stock index was
little changed on Thursday as weakness in energy and gold stocks
undercut rises in several companies reporting quarterly results,
including Potash Corp of Saskatchewan and Teck
Resources.
    With the Toronto Stock Exchange's S&P/TSX composite index
 hitting record highs in each of the past three days,
investors have been watching to see whether the second-quarter
reporting period would prompt more new highs or a retrenchment.
    Fertilizer producer Potash Corp and diversified miner Teck
Resources both pushed higher on Thursday after posting earnings.
Potash gained 1.6 percent to C$39.43 after it reported a
stronger-than-expected profit and boosted its full-year earnings
outlook..
    Teck surged 4.1 percent to C$26.66 after it reported
slightly stronger-than-expected earnings..
    Natural gas producer Encana Corp also rose, up 1.6
percent at C$24.07, despite posting a 31 percent drop in
operating profit..
    The telecom subgroup rose 0.38 percent as Rogers
Communications Inc posted a profit in line with
expectations.. Its stock was up 1.8 percent at
C$43.16.
    All told, the Toronto stock market's benchmark index was up
2.50 points, or 0.02 percent, at 15,396.88 at midmorning with
six of its 10 subgroups higher. 
    The TSX index has been trading at record high levels for
much of July and touched a new high of 15,409.03 just after the
open. But analysts note the strong performance has been based on
light summer trading volumes, which can increase volatility.
    "We don't see big volumes. You don't see the trend," said
John Ing, president of Maison Placements Canada.
     "What me may see is we're bumping up to the highs, and
frankly it's unsustainable. The market is richly valued right
now."
    Sliding precious metals prices yanked gold miners lower,
with Barrick Gold Corp falling 1.2 percent to C$19.88.
     Among oil and gas shares, weaker oil prices weighed on
sector heavyweight Suncor Energy, which eased 0.4
percent to C$45.37, and Talisman Energy, which dropped
1.9 percent, to C$11.74.
    ($1=$1.07 Canadian)

 (Reporting by Cameron French; Editing by Chizu Nomiyama; and
Peter Galloway)
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