* TSX falls 0.34 percent to 13,737.95
* Manulife, Thomson Reuters, and BCE drop on results
* Encana rises nearly 6 pct on PetroChina deal
By Ka Yan Ng
TORONTO, Feb 10 Toronto's main stock index was
lower on Thursday morning, pressured by earnings misses from
Canadian and international companies.
Disappointing earnings from global names Cisco and Credit
Suisse weighed on overall sentiment, although
stronger-than-expected weekly U.S. jobs figures helped to
temper the decline.
At home, investors pushed down shares of Manulife Financial
(MFC.TO), Thomson Reuters (TRI.TO), and BCE Inc (BCE.TO) after
the blue-chip companies' results missed expectations.
At 10:10 a.m. (1510 GMT), the Toronto Stock Exchange's
S&P/TSX composite index .GSPTSE was down 46.35 points, or
0.34 percent, at 13,737.95. Earlier it hit a one-week low of
13,692.79. Seven index sectors declined.
"Overall the earnings coming out today are tending to
slightly disappoint on balance," said Michael Sprung, president
at Sprung & Co Investment Counsel.
Manulife Financial Corp led heavyweight decliners, falling
4.2 percent to C$18.13, after it said its quarterly profit
doubled but it fell short of analysts estimates.
BCE Inc just missed earnings expectations despite a 25
percent jump in fourth-quarter profit, but its shares slipped
about 1 percent to C$36.22. [ID:nN10262604]
Thomson Reuters Corp slid 2.6 percent to C$39.99 after
fourth-quarter adjusted earnings per share missed the average
analyst forecast. The news and information provider forecast
higher revenue this year. [ID:nN09100522]
Encana (ECA.TO) topped heavyweight gainers, rising nearly 6
percent to C$32.44, and kept the energy group well supported.
Investors cheered its agreement to sell to PetroChina half
of a prolific British Columbia shale gas project for C$5.4
billion in the largest Chinese investment in a Canadian energy
asset yet. The market shrugged off the 82 percent drop in
operating profit that Encana reported on Thursday.
"Encana results were a little bit disappointing but they
were largely overshadowed by the deal with China. From my point
of view, they're getting a very, very good price for those
assets, and so I think it will be a net positive for the firm
in the long run," Sprung said.
(Reporting by Ka Yan Ng; editing by Peter Galloway)