CANADA STOCKS-TSX edges higher on materials, energy; Home Capital falls

* TSX up 15.17 points, or 0.1 percent, to 15,042.33

* Six of the TSX’s 10 main groups rise

TORONTO, July 10 (Reuters) – Canada’s main stock index rose
on Monday, reversing early losses as key sectors including
materials and energy rebounded.

Fertilizer producer Potash Corp was the most
influential gainer, rising 3.9 percent to C$21.86, while Agrium
Inc, which is set to merge with Potash later this year,
advanced 3.9 percent to C$121.6.

Barrick Gold Corp rose 1.7 percent to C$20.14. Gold
futures rose 0.1 percent to $1,209.6 an ounce.

The overall materials group, which includes precious and
base metals miners and fertilizer producers, rose 1.4 percent.

At 10:49 a.m. ET (1449 GMT), the Toronto Stock Exchange’s
S&P/TSX composite index was up 15.17 points, or 0.1
percent, at 15,042.33. Of the index’s 10 main groups, six
advanced.

Financials, which accounts for about a third of the index,
was among the few decliners, slipping 0.1 percent.

Home Capital Group fell 5.2 percent to C$14.35. The
stock has retreated in recent sessions following news that
Canada plans to ban some bundled residential mortgages to clamp
down on risky lending.

Energy stocks seesawed in tandem with crude oil prices,
though moves were modest overall. The group was last up 0.4
percent, as U.S. crude prices rose 0.7 percent to $44.55
a barrel. Oil prices were still under pressure amid rising
drilling activity in the United States and a continued increase
in global supplies.

Industrials rose 0.4 percent, helped by a small but
influential 0.6 percent rise to C$106.56 in Canadian National
Railway Co.

Exchange Income Corp, which was hit last week by
news that short seller Marc Cohodes was targeting the company,
recovered its losses and jumped 4.3 percent to C$31.95, which
also boosted the industrials sector.

Consumer discretionary shares climbed 0.3 percent, with
cable company Cogeco Communications Inc rising 2.1
percent to C$81.5 following news its subsidiary Atlantic
Broadband would buy MetroCast’s assets for about $1.4 billion,
expanding its presence in the United States.

Advancing issues outnumbered declining ones on the TSX by
126 to 115, for a 1.10-to-1 ratio on the upside.
(Reporting by Solarina Ho; Editing by Meredith Mazzilli)


Leave a Reply