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Roundup: Canadian stock market rebounds on telecommunication rally

Xinhua, May 8, 2015 Adjust font size:

Canada's main stock market in Toronto Thursday bounced back from a three-day retreat, as gains in telecommunication giants offset the losses in energy shares.

Toronto Stock Exchange's benchmark S&P/TSX Composite Index climbed 64.93 points, or 0.43 percent, to 15,088.82 points, with non-resources shares in the positive territory.

Leading the increase, telecom added 2.21 percent as two Canadian telecommunication giants surged over strong profits for the first quarter of 2015. Telus shares rose 1.86 percent to 42.8 Canadian dollars (about 35.31 U.S. dollars) per share, after the company reported that its net income rose 10 percent to 415 million Canadian dollars from a year earlier.

Manitoba Telecom Services Inc. jumped 6.74 percent to 27.38 Canadian dollars when the wireless telecommunication giant reported Thursday Mthat its revenues was 7.3 million Canadian dollars, also higher from the same period of 2014.

Meanwhile, industrials also was up 1.43 percent after Canada's Finance Minister Joe Oliver pledged Thursday the government's support to the aerospace and manufacturing sectors. In response, Canada's biggest aircraft and railway maker Bombardier spiked 6.72 percent to 2.54 Canadian dollars.

Financials, the index's most heavily weighted sector, added 0. 11 percent. Manulife Financial Corp. rose 1.78 percent to 22.91 Canadian dollars; and Toronto-Dominion Bank grew 0.05 percent to 55.27 Canadian dollars.

In other gainers, healthcare and info-tech sectors advanced 1. 46 percent and 0.70 percent, respectively.

Dragged by sinking crude prices, the resources shares lost ground. The energy sector dropped 1.56 percent, the fourth consecutive slump in the week.

June crude oil contract retreated 1.99 U.S. dollars to 58.94 U. S. dollars per barrel on the New York Mercantile Exchange. Suncor Energy Inc. lost 1.73 percent to 36.39 Canadian dollars, and Canadian Natural Resources Ltd. also fell 0.75 percent to 38.19 Canadian dollars after the Calgary-based company posted a 252- million-Canadian-dollar loss in the first quarter .

The metals and mining sector slipped 0.01 percent. Teck Resources Ltd. declined 1.64 percent to 18.02 Canadian dollars.

On the economic front, Statistics Canada said Thursday that the total value of building permits rose 11.6 percent from a month earlier to 6.9 billion Canadian dollars in March. That was the first increase in three months.

The Canadian dollar Thursday moved lower to 0.8251 U.S. dollar, compared with 0.8306 U.S. dollar on Wednesday. Endite