🔴 LIVE: The Secrets of ProPicks AI Success Revealed + November’s List FREEWatch Now

CANADA STOCKS-TSX rises as energy shares gain, Cenovus jumps

Published 2017-07-27, 05:10 p/m
© Reuters.  CANADA STOCKS-TSX rises as energy shares gain, Cenovus jumps
CCJ
-
GOLD
-
GSPTSE
-
CVE
-
DGC
-
WFG
-
GG
-
KL
-

(Adds portfolio manager comment, updates prices to close)

* TSX ends up 19.97 points, or 0.13 percent, at 15,191.36

* Energy sectors up 2 pct, Cenovus up 9.5 pct

By Alastair Sharp

TORONTO, July 27 (Reuters) - Canada's main stock index eked out a small gain on Thursday, as higher oil prices broadly boosted energy stocks and Cenovus Energy Inc CVE.TO soared after saying asset sales could exceed its estimates, while Goldcorp Inc G.TO weighed as its earnings disappointed.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE ended up 19.97 points, or 0.13 percent, at 15,191.36, with advancers and decliners evenly matched overall.

Goldcorp's fall, ending down 6.2 percent at C$16.07 as production at several sites missed expectations, bucked the trend among gold miners, a string of whom rose on positive earnings surprises.

Barrick Gold Corp ABX.TO , the world's largest gold miner by production, rose 2.9 percent to C$20.76, as investors cheered the news it had produced more gold than expected and lowered its costs. rising bullion stocks included Detour Gold Corp DGC.TO , which surged 13.3 percent to C$15.66 as its profit beat estimates, and Kirkland Lake Gold Ltd KL.TO , up 6.1 percent at C$12.46 after doubling its estimate of reserves at one of its sites.

Energy stocks were up 2 percent overall, with crude jumping to near eight-week highs as a much steeper than expected decline in U.S. inventories encouraged hopes the global crude glut would recede. O/R

Peter Imhof, a portfolio manager at AGF Investments, said Canadian energy stocks were still lagging recent gains in crude prices, in part weighed by a rising Canadian dollar.

Cenovus jumped 9.5 percent to C$10.89 after reporting a profit versus a year-ago loss and providing the divestiture update. stock has been oversold the most because there was a terrible financing that happened" that led to a selloff, with the good news on the day providing the impetus for a bounceback, Imhof said.

West Fraser Timber Co Ltd WFT.TO gained 5.1 percent to C$65.84 after acquiring U.S. assets. miner Cameco Corp CCO.TO gained 3.3 percent to C$12.96 after saying it had settled a U.S. tax dispute for a fraction of the original claim, which helped investors look past the company reporting a wider-than-expected quarterly loss.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.