(Adds portfolio manager quotes and details throughout, updates
* TSX closes up 19.93 points, or 0.13 percent, at 15,264.64
* Index posts its highest close since June 28
* Seven of the TSX’s 10 main groups end higher
By Fergal Smith
TORONTO, July 20 (Reuters) – Canada’s main stock index edged
up on Thursday to a three-week high, boosted by a bump in shares
of Rogers Communications Inc after it beat earnings
expectations, while energy shares lost ground as oil prices
Telecom and cable company Rogers rose 1.4 percent to C$64.88
after reporting better-than-expected quarterly profit on the
back of strong growth in its wireless business that offset
declines in cable.
Canadian Pacific Railway Ltd also gained on
better-than-expected quarterly profit, which it reported late on
Wednesday, although executives expressed concern about grain
shipments for the second half of the year. The company’s shares
rose 0.5 percent to C$204.70.
Investors are assessing second-quarter earnings “to get an
indication of whether the market can keep on an upward
trajectory for the rest of the year,” said Luciano Orengo,
portfolio manager at Manulife Asset Management.
The Toronto Stock Exchange’s S&P/TSX composite index
ended up 19.93 points, or 0.13 percent, at 15,264.64,
its highest close since June 28.
Still, the index has dipped 0.2 percent for the year,
lagging most other major markets, including the S&P 500 which
has climbed 10.5 percent.
“To get the TSX out of this lull, you need energy to start
contributing to returns,” Orengo said.
Energy shares fell 0.8 percent as oil prices fell.
U.S. crude oil futures settled 0.7 percent lower at
$46.79 a barrel as nagging worries about abundant global crude
Shares of Hydro One Ltd overcame earlier losses to
end up 0.6 percent at C$22.67. The electric utility said late on
Wednesday it would buy rival Avista Corp for about C$6.7 billion
to expand into the U.S. Northwest.
Seven of the index’s 10 main groups ended higher.
Financials added 0.2 percent, helped by gains for some of
the country’s major banks. The materials group, which includes
precious and base metals miners and fertilizer companies, also
rose 0.2 percent.
Shares of BlackBerry Ltd dipped 0.1 percent to
C$12.77 despite the company saying it had won the right to sell
tools for encrypting phone calls and text messages to the U.S.
Exchange Income Corp, a target of short seller Marc
Cohodes, fell 8.2 percent to C$30.33 after reporting
second-quarter earnings late on Wednesday.
(Additional reporting by Alastair Sharp; Editing by Bernadette
Baum and James Dalgleish)