(Adds portfolio manager comment; updates prices)
* TSX rises 64.2 points, or 0.5 percent, at 12,931.36
* Seven of the TSX's 10 main groups gain
By Alastair Sharp
TORONTO, Feb 18 (Reuters) - Canada's main stock index gained
for a fourth straight session on Thursday, sustaining a six-week
high, as gold miners rose with bullion and consumer and telecom
stocks also rose, though energy shares weighed as crude oil
stockpiles increased.
Canadian Tire Corp CTCa.TO was one of the most influential
movers on the index, advancing 7.8 percent to C$125.63 after its
earnings beat expectations despite a slip in revenue.
The Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE ended up 64.2 points, or 0.5 percent, at 12,931.36.
The rise was much less dramatic than those of the prior three
days, but the market outperformed Wall Street, which posted
small losses. .N
The gains barely extended the index's Wednesday push to its
highest level since Jan. 5, near the start of a sharp fall.
"The stock market was sold off to an irrational level based
upon no real fundamental news," said Barry Schwartz, portfolio
manager at Baskin Financial Services. "Value always surfaces."
He said investors have been calmed by recent central banks
efforts and anticipate major stimulative actions from the
federal government.
"No one wants to miss out on a rally after the TSX has
dropped 11 percent in 2015," Schwartz said.
The materials group, which includes precious and base metals
miners and fertilizer companies, added 3.8 percent.
Gold prices rose more than 2 percent, helping Barrick Gold
Corp ABX.TO jump 6.8 percent to C$17.36 and Goldcorp Inc
G.TO gain 6.2 percent to C$21.68. GOL/
The consumer groups were higher, with staples up 1.3 percent
and discretionary gaining 0.6 percent, while telecom stocks
jumped 1.5 percent.
The country's largest wireless provider, Rogers
Communications Inc RCIb.TO , rose 2.4 percent to C$49.89.
The energy group fell 1.4 percent, as U.S. oil settled
barely higher and Brent fell after data showed U.S. crude
inventories rose to record highs, overshadowing plans by oil
major producers to freeze production. O/R
Canadian Natural Resources CNQ.TO declined 2.3 percent to
C$29.11 and Enbridge Inc ENB.TO fell 3.2 percent to C$44.05.
Seven of the index's 10 main groups were in negative
territory, with advancers outnumbering decliners by a 3-to-2
ratio.
First Quantum Minerals Ltd FM.TO slumped 11.2 percent to
C$4.36 after providing 2016-2018 guidance on Wednesday.