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CANADA STOCKS-TSX ekes out gain on financials, materials; energy weighs

Published 2015-11-26, 04:25 p/m
© Reuters.  CANADA STOCKS-TSX ekes out gain on financials, materials; energy weighs
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(Adds strategist comment, updates prices to close)
* TSX ends up 21.77 points, or 0.16 percent, at 13,425.19
* Eight of the TSX's 10 main groups rise

By Alastair Sharp
TORONTO, Nov 26 (Reuters) - Canada's main stock index rose
marginally on Thursday, helped by gains for some heavyweight
bank stocks ahead of their earnings next week and rising
materials stocks, while energy names slipped in line with a fall
in crude oil prices.
The Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE ended up 21.77 points, or 0.16 percent, at 13,425.19.
That was its third straight move of less than 0.2 percent,
with volumes at roughly one-third typical levels with U.S.
markets closed for Thanksgiving.
Bank of Nova Scotia BNS.TO gained 1 percent to C$60.71 and
the overall financials group gained 0.3 percent as insurers also
moved higher.
"Perhaps investors are trying to make a call on what those
earnings (next week) will be, they're jockeying for position,"
said Allan Small, a senior investment advisor at HollisWealth.
"In my opinion, our banks still represent fairly good value
with respect to the yields they provide," he said. "There is
value there if you're a growth and income investor."
The materials group added 1.2 percent, with Goldcorp Inc
G.TO up 1.3 percent at C$15.83, fertilizer company Potash Corp
POT.TO up 1.3 percent at C$26.71 and base metal miner First
Quantum Minerals Ltd FM.TO jumping 6.4 percent to C$5.12.
Copper prices CMCU3 advanced 1.9 percent to $4,636.15 a
tonne. MET/L
Heavyweight Valeant Pharmaceuticals International Inc (N:VRX)
VRX.TO rose 2.2 percent to C$117.89.
On the negative side, a slip in crude oil prices weighed on
Canada's energy producers, with the overall group falling 0.6
percent.
Enbridge Inc ENB.TO fell 2.3 percent to C$47.01, and
Suncor Energy Inc SU.TO slipped 0.5 percent to C$36.42.
Brent crude LCOc1 settled down 71 cents at $45.46, after
falling as low as $45 during the session. U.S. crude CLc1
prices was 53 cents lower at $42.51 a barrel. O/R

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