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Company News

CANADA STOCKS-TSX flat as healthcare gains counter commodity-related weakness

(Adds comments; updates prices)

Aug 26 (Reuters) - Canada’s main stock index took a breather on Thursday after hitting record highs in the previous session, as weakness in commodity-related stocks were offset by gains in healthcare stocks.

At 10:05 a.m. ET (14:05 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 3.3 points, or 0.02%, at 20,590.62, with healthcare and industrial stocks among the top gainers, both up 1.8% and 0.4% respectively.

Both energy stocks and miners were among the biggest drags.

Recouping losses from last week, the benchmark index was set to record its seventh straight month of gains driven by heavyweight technology stocks, up 6.7% so far this month.

“The TSX appears poised to set new record highs... it has begun this week with many sectors re-accelerating and earnings coming in better than expected,” said Brandon Michael, senior investment analyst at ABC Funds.

Despite strong earnings from Toronto-Dominion Bank and Canadian Imperial Bank of Commerce, the financials sector was flat.

Investors are looking ahead to U.S. Federal Reserve Chair Jerome Powell’s speech at the annual Jackson Hole event on Friday for cues on the timeline of monetary tapering.

HIGHLIGHTS

* The largest percentage gainers on the TSX lumber provider Canfor Corporation and Interfor Corporation both up 2.8% and 1.6% respectively.

* Miner First Majestic Silver Corp fell 1.9%, the most on the TSX, followed by IT service provider Dye & Durham Limited, down 1.8%

* The TSX posted six new 52-week highs.

* On the TSX, 92 issues were higher, while 127 issues declined for a 1.38-to-1 ratio to the downside, with 6.74 million shares traded. (Reporting by Amal S in Bengaluru; Editing by Shailesh Kuber)

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