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CANADA STOCKS-TSX barely higher, insurers bounce on earnings

Published 2016-11-10, 10:58 a/m
CANADA STOCKS-TSX barely higher, insurers bounce on earnings
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(Adds details on specific stocks, updates prices)

* TSX up 14.68 points, or 0.1 percent, at 14,774.59

* Seven of the TSX's 10 main groups move lower

TORONTO, Nov 10 (Reuters) - Canada's main stock index made small gains on Thursday as two major insurers jumped on strong earnings and industrial stocks also rose, while gold miners and energy stocks fell with lower commodity prices.

The country's biggest life insurer, Manulife Financial Corp MFC.TO , jumped 7.1 percent to C$21.51 after beating profit expectations driven in part by growth in its Asian business. rival, Sun Life Financial, gained 5.5 percent to C$48.92 as it also beat expectations. financials group gained 1.2 percent.

Industrials rose 1.3 percent, with Canadian National Railway Co CNR.TO up 1.4 percent at C$85.95.

Bombardier Inc BBDb.TO advanced 5 percent to C$1.88 after the plane and train maker reported a lower-than-expected adjusted net loss in the third quarter and said it expected to finish the year with improved operating margins in all of its businesses. Quantum Minerals Ltd FM.TO jumped 8.3 percent to C$15.56 as copper prices surged to a 16-month high as investors bet on a jump in U.S. infrastructure spending under a Republican administration.

But miners of gold fell further after surging in the immediate aftermath of Donald Trump's shock victory in the U.S. presidential election, with Barrick Gold Corp ABX.TO down 6.4 percent at C$21.58.

The materials group, which includes precious and base metals miners and fertilizer companies, lost 1.6 percent.

At 10:20 a.m. EDT (1520 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was up 14.68 points, or 0.1 percent, at 14,774.59.

Seven of the index's 10 main groups were in negative territory, although advancers slightly outnumbered decliners overall.

U.S. crude CLc1 prices were down 0.6 percent to $44.99 a barrel, while Brent LCOc1 lost 0.3 percent to $46.22. O/R

Gold futures GCc1 fell 0.6 percent to $1,264.6 an ounce and copper prices CMCU3 advanced 4.1 percent to $5,634 a tonne. GOL/ MET/L

Retailer Canadian Tire Corp Ltd CTCa.TO rose 2.7 percent to C$135.59 after reporting better-than-expected quarterly profit and increasing its quarterly dividend.

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