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Canadian stock market extends all-time high

Xinhua, February 17, 2017 Adjust font size:

Canada's main stock market in Toronto advanced for the eighth straight day to extend its record high on Thursday, as strong quarterly earnings from gold miners outweighed losses in Energy and Financial sectors.

The Toronto Stock Exchange's benchmark Standard & Poor's/TSX Composite gained a modest 19.22 points, or 0.12 percent, to end the session at 15,864.17 points. Six of the 10 sub-groups closed the day higher.

The TSX Materials, which is made up of producers of gold, precious metals, and raw materials, ended four straight sessions of losses with a 0.43 percent uplift on the day.

Toronto-based Barrick Gold contributed to the result after reporting strong fourth quarter earnings along with lower costs.

The full-year adjusted net earnings of the world's largest producer of gold jumped 137 percent to 818 million U.S. dollars, resulting in shares soaring 6.05 percent to 26.81 Canadian dollars (20.50 U.S. dollars),

Also prospering on the day was Vancouver-based Goldcorp Inc., after reporting late Wednesday that fourth quarter net earnings was 101 million U.S. dollars, compared to a net loss of 4.3 billion U.S. dollars during the same period in 2015. Shares jumped 5.86 percent to close at 23.11 Canadian dollars (17.67 U.S. dollars).

Other groups to finish the day in positive territory were: Utilities (0.57 percent), Information Technology (0.55 percent), Telecommunications (0.37 percent), Consumer Discretionary (0.20 percent), and Industrials (0.08 percent).

Industrials ended the day slightly ahead Bombardier shares being the most actively traded on the day after worse-than-expected fourth quarter revenue. Shares of the Montreal-based plane and train maker fell 3.10 percent to 2.50 Canadian dollars (1.91 U.S. dollars).

After finishing higher for 10 straight sessions, the TSX Health Care group plummeted 2.85 percent on the day. Laval-based Pharmaceutical firms ProMetic Life Sciences Inc. and Valeant Pharmaceuticals International Inc. slipped 7.42 percent to 2.37 Canadian dollars (1.81 U.S. dollars) and 3.77 percent to 21.29 Canadian dollars (16.28 U.S. dollars), respectively.

The remaining groups to lose ground on Thursday were: Energy (0.16 percent), Financials (0.05 percent), and Consumer Staples (0.03 percent).

Energy was impacted by Calgary-based Encana Corporation, who saw a 281 million U.S. dollar loss during the 2016 operating year. As a result, shares retreated 2.46 percent to 16.29 Canadian dollars (12.46 U.S. dollars).

Meanwhile, group member Baytex Energy Corp. closed at 5.17 Canadian dollars (U.S. dollars), a 0.58 percent decline. The price of Brent crude oil April contracts was unchanged on the day, ending the day at 55.70 U.S. dollars a barrel.

The TSX Financials Group was pushed down by Toronto-based insurer Sun Life Financial Inc., posting a 13.31 percent decline in quarterly profit compared to the fourth quarter of 2015. Shares took a 5.09 percent hit to close at 49.94 Canadian dollars (38.19 U.S. dollars).

The Canadian dollar inched down 0.03 cents to close at 0.7647 U.S. dollars. Endite