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CANADA STOCKS-TSX hits record high as energy gains offset weak earnings

Published 2017-10-27, 11:32 a/m
© Reuters.  CANADA STOCKS-TSX hits record high as energy gains offset weak earnings
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* TSX up 57.74 points, or 0.36 percent, to 15,949.37

* Half the TSX's 10 primary sectors were higher

By Solarina Ho

TORONTO, Oct 27 (Reuters) - Canada's main stock index hit a record high on Friday as overall higher energy stocks offset a batch of quarterly results that largely fell short of expectations.

Canadian diary producer Saputo Inc SAP.TO provided one of the biggest boosts, rising 4.7 percent to C$47.03. It became Australia's top milk producer by agreeing to pay up to $490 million for Murray Goulburn Co-operative MGC.AX , its second major acquisition in the country. broader consumer staples group climbed 0.5 percent

The energy group accounted for the bulk of the gains, climbing 0.9 percent, helped by stronger oil. U.S. crude CLc1 prices were up 1.5 percent to $53.41 a barrel. Encana Corp ECA.TO advanced 3.1 percent to C$14.18.

Cameco Corp CCO.TO was an exception in the sector, tumbling 10.5 percent to C$10.17 after the uranium producer posted a surprised third-quarter loss and cut its full-year production outlook. 11:27 a.m. ET (1527 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE marched toward its seventh straight week of gains, rising 57.74 points, or 0.36 percent, to a record high of 15,949.37.

Of the index's 10 main sectors, half were in positive territory.

The financials group added 0.2 percent.

Nevsun Resources Ltd NSU.TO soared 8.8 percent to C$2.85 after reporting results and improved zinc production at its Bisha mine. the overall materials sector, which includes precious and base metals miners and fertilizer companies, lost 0.3 percent.

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First Quantum Minerals Ltd FM.TO stumbled 3.6 percent to C$13.96 after it posted a quarterly loss. Teck Resources Ltd TECKb.TO shares extended losses, falling 2.5 percent to C$26.15 after analysts cut their target price following its results. Ltd WPK.TO , which manufactures and distributes packaging materials and machines, plunged 10.2 percent to C$48.51 after third-quarter results fell short of forecasts. were off 0.1 percent as TFI International Inc TFII.TO slumped 6.3 percent to C$30.03. Inc CLS.TO shares sank 11.5 percent to C$13.53 after it issued guidance and posted results that missed expectations. The technology group was down lost 0.4 percent. stocks lost 1.1 percent.

Declining issues outnumbered advancing ones on the TSX by 127 to 117, for a 1.09-to-1 ratio on the downside.

The index was posting 10 new 52-week highs and 8 new lows.

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