Reuters logo
CANADA STOCKS-TSX rises with financials, while gold miners weigh
August 4, 2017 / 2:37 PM / 4 months ago

CANADA STOCKS-TSX rises with financials, while gold miners weigh

(Adds details on specific stocks, updates prices)

* TSX up 27.95 points, or 0.18 percent, to 15,219.91

* Eight of the TSX’s 10 main groups move higher

* Index on track for 0.6 percent gain on week

TORONTO, Aug 4 (Reuters) - Canada’s main stock index rose on Friday as financial stocks gained with higher bond yields and Open Text Corp jumped after its earnings, while gold miners weighed.

Open Text rose 4 percent to C$43.63 as several analysts increased their price targets on the business software company’s stock after its quarterly earnings impressed.

The heavyweight financials group gained 0.4 percent, as both Canadian and U.S. bond yields rose after jobs data in each country supported rate hike expectations, although a jump in Canada’s trade deficit weighed on the domestic currency.

The energy group climbed 0.6 percent, even as oil prices ticked lower and headed for a weekly decline amid rising OPEC exports and strong U.S. output.

At 10:18 a.m. ET (1418 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 27.95 points, or 0.18 percent, to 15,219.91. Eight of its 10 main groups gained, although advancers only outnumbered decliners by 1.25-to-1.

It is on track for a 0.6 percent gain on the week.

Major gold miners were among the heaviest weights on the day as the spot price of the precious metal took a hit from the U.S. data supporting expectations of tighter monetary policy from the Federal Reserve.

Barrick Gold Corp declined 2.3 percent to C$20.97, Goldcorp Inc lost 1.9 percent to C$15.79, and Kinross Gold fell 3.9 percent to C$5.24.

Gold futures fell 1.1 percent to $1,254.5 an ounce.

The materials group, which includes precious and base metals miners and fertilizer companies, fell 0.7 percent, with First Majestic Silver Corp down 11 percent to C$8.62 after its reporting disappointing earnings and outlook.

Canada’s trade gap widened in June as a drop in energy shipments pulled exports back from a record high but sustained jobs growth in July was enough to keep expectations alive for another interest rate increase in the coming months. (Reporting by Alastair Sharp; Editing by Bill Trott)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below