(Updates throughout with market moves, reaction to earnings,
analyst comments)
* TSX down 51.48 points, or 0.36 percent, to 14,255.64
* Half of the TSX's 10 main groups fell
By Solarina Ho
TORONTO, July 23 (Reuters) - Canada's main stock index was
headed for its fifth straight decline on Thursday as losses by
the main financials, energy and materials sectors offset gains
from companies reporting positive quarterly results.
U.S. crude prices were mostly flat but remained below $50 a
barrel, levels that kept the pressure on energy shares, which
were down 1.0 percent.
Suncor Energy Inc SU.TO led with a retreat of 1.19 percent
to C$33.15, followed closely by Enbridge Inc ENB.TO , which
fell 1 percent to C$55.18.
"Oil prices breaking through $50 certainly was hurting ...
(and) will be tough to navigate through," said Brian Pow, vice
president, research, at Acumen Capital Partners in Calgary.
"Just in terms of (Canadian) dollar weakness, it's making people
question what they want to do."
At 11:03 a.m. EDT (1503 GMT), the Toronto Stock Exchange's
S&P/TSX composite index .GSPTSE was down 51.48 points, or 0.36
percent, at 14,255.64.
Of the index's 10 main groups, half were in negative
territory. Materials, which include mining companies, were down
1.6 percent, while financials were off 0.64 percent. The two
groups, combined with oil and gas stocks, make up roughly
two-thirds of the TSX's weight.
"I think it's going to be very earnings-driven," said Pow.
"It's a sloppy market because it's summer time. But yes, people
will be focusing on some of the bigger names to see how they
perform."
Drugmaker Valeant Pharmaceuticals International Inc VRX.TO
had the biggest positive impact on the TSX, with shares rising
3.69 percent to C$323.77 after it reported a
higher-than-expected quarterly profit. Strength in its U.S.
dermatology business bolstered results. ID:nL3N1033TK
Canada's largest grocer, Loblaw Cos Ltd L.TO , climbed 2.84
percent to C$69.47 after it also posted upbeat results and said
it would be closing more than 50 stores, a move expected to help
future earnings. ID:nL3N1033ZR
Rogers Communications Inc RCIb.TO rose 1.60 percent to
C$44.53 after the company said it added wireless accounts in the
second quarter, marking progress as it seeks to fix customer
service and billing as part of a broader strategic overhaul.
ID:nL1N1030O6
Declining issues outnumbered advancing ones on the TSX by
2.16 to 1. Five stocks in the index set 52-week highs, and 18
set year lows.