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CANADA STOCKS-TSX hits record high as energy gains offset weak earnings
October 27, 2017 / 3:35 PM / a month ago

CANADA STOCKS-TSX hits record high as energy gains offset weak earnings

(Updates throughout with stock and index moves, milestones)

* TSX up 57.74 points, or 0.36 percent, to 15,949.37

* Half the TSX’s 10 primary sectors were higher

By Solarina Ho

TORONTO, Oct 27 (Reuters) - Canada’s main stock index hit a record high on Friday as overall higher energy stocks offset a batch of quarterly results that largely fell short of expectations.

Canadian diary producer Saputo Inc provided one of the biggest boosts, rising 4.7 percent to C$47.03. It became Australia’s top milk producer by agreeing to pay up to $490 million for Murray Goulburn Co-operative, its second major acquisition in the country.

The broader consumer staples group climbed 0.5 percent

The energy group accounted for the bulk of the gains, climbing 0.9 percent, helped by stronger oil. U.S. crude prices were up 1.5 percent to $53.41 a barrel. Encana Corp advanced 3.1 percent to C$14.18.

Cameco Corp was an exception in the sector, tumbling 10.5 percent to C$10.17 after the uranium producer posted a surprised third-quarter loss and cut its full-year production outlook.

At 11:27 a.m. ET (1527 GMT), the Toronto Stock Exchange’s S&P/TSX composite index marched toward its seventh straight week of gains, rising 57.74 points, or 0.36 percent, to a record high of 15,949.37.

Of the index’s 10 main sectors, half were in positive territory.

The financials group added 0.2 percent.

Nevsun Resources Ltd soared 8.8 percent to C$2.85 after reporting results and improved zinc production at its Bisha mine.

But the overall materials sector, which includes precious and base metals miners and fertilizer companies, lost 0.3 percent.

First Quantum Minerals Ltd stumbled 3.6 percent to C$13.96 after it posted a quarterly loss. Teck Resources Ltd shares extended losses, falling 2.5 percent to C$26.15 after analysts cut their target price following its results.

Winpak Ltd, which manufactures and distributes packaging materials and machines, plunged 10.2 percent to C$48.51 after third-quarter results fell short of forecasts.

Industrials were off 0.1 percent as TFI International Inc slumped 6.3 percent to C$30.03.

Celestica Inc shares sank 11.5 percent to C$13.53 after it issued guidance and posted results that missed expectations. The technology group was down lost 0.4 percent.

Healthcare stocks lost 1.1 percent.

Declining issues outnumbered advancing ones on the TSX by 127 to 117, for a 1.09-to-1 ratio on the downside.

The index was posting 10 new 52-week highs and 8 new lows. (Reporting by Solarina Ho; Editing by Meredith Mazzilli)

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