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CANADA STOCKS-TSX hits record high as energy gains offset weak earnings
October 27, 2017 / 4:48 PM / 21 days ago

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

* TSX up 71.97 points, or 0.45 percent, to record high of 15,963.60

* Eight of TSX’s 10 primary sectors were higher

* Energy stocks up 2.2 pct (Updates index, sector and stock moves, adds details on oil price)

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.

At 12:07 p.m. ET (1607 GMT), the Toronto Stock Exchange’s S&P/TSX composite index marched toward its seventh straight week of gains, rallying 71.97 points, or 0.45 percent, to a record high of 15,963.60. Its previous record was set on Feb. 21 this year.

All but two of the index’s 10 main sectors were in positive territory.

The energy group accounted for the bulk of rally, jumping 2.2 percent as U.S. crude prices rose 2.1 percent to $53.76 a barrel. Prices were supported by news the world’s top producers supported extending a deal to cut output and the U.S. dollar’s retreat from three-month highs.

Encana Corp advanced 4.4 percent to C$14.36, while Canadian Natural Resources Ltd rose 2.6 percent to C$43.29. Precision Drilling Corp jumped 8.8 percent at C$3.23.

Cameco Corp was an exception in the sector, tumbling 9.8 percent to C$10.25 after the uranium producer posted a surprise third-quarter loss and cut its full-year production outlook.

Canadian diary producer Saputo Inc jumped 5.1 percent to C$47.20. 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 0.8 percent.

The financials group added 0.3 percent.

Nevsun Resources Ltd soared 11.8 percent to C$2.93 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 0.1 percent.

First Quantum Minerals Ltd pared early losses but was still down 1.1 percent to C$14.32 after it posted a quarterly loss. Norbord Inc fell 6.3 percent to C$43.94 as quarterly results disappointed.

Winpak Ltd, which manufactures and distributes packaging materials and machines, plunged 8.4 percent to C$49.48 after third-quarter results missed forecasts.

Industrials were off 0.1 percent as TFI International Inc slumped 6.2 percent to C$30.07.

Celestica Inc shares sank 10.9 percent to C$13.62 following guidance and results that missed expectations. Technology stocks added 0.2 percent.

Healthcare was down 0.6 percent.

Advancing issues outnumbered declining ones on the TSX by 151 to 93, for a 1.62-to-1 ratio on the upside.

The index was posting 13 new 52-week highs and 8 new lows. (Reporting by Solarina Ho; Editing by Meredith Mazzilli and Dan Grebler)

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