Accessibility/Mobile Features
Skip Navigation
Skip to Content
Editorial News
Business
Classified Sites

The Canadian Press - ONLINE EDITION

TSX advances amid mixed earnings, U.S. retail disappointment, major dealmaking

The TMX Group logo, home of the TSX, is shown in Toronto on June 28, 2013. THE CANADIAN PRESS/Aaron Vincent Elkaim

Enlarge Image

The TMX Group logo, home of the TSX, is shown in Toronto on June 28, 2013. THE CANADIAN PRESS/Aaron Vincent Elkaim

TORONTO - The Toronto stock market was higher Thursday amid earnings reports from the insurance, retail, manufacturing and resource sectors.

The S&P/TSX composite index jumped 101.16 points to 14,001.65.

A major decliner was Bombardier Inc. (TSX:BBD.B). Its stock tumbled 36 cents or 8.91 per cent to $3.68 on extremely heavy volume of 49 million shares as the company reported that it had US$129 million of quarterly adjusted net income, or seven cents per share, which was four cents below estimates.

It also said that delays in first deliveries of its CSeries aircraft will add about US$1 billion in development costs and capitalized interest.

"Obviously, there’s not much confidence," said Ian Nakamoto, director of research at 3MACS.

"People are taking a more jaundiced view saying, OK this quarter is fine in terms of the cash flow generation but you missed your earnings, what’s it going to be like in the next year?"

The Canadian dollar was up 0.17 of a cent to 91.1 cents US.

New York indexes chalked up solid gains even as January retail sales fell 0.4 per cent against the 0.3 per cent decline that economists had expected.

The Dow Jones industrials rose 63.65 points to 16,027.59. The Nasdaq was up 39.38 points at 4,240.67 and the S&P 500 index climbed 10.57 points to 1,829.83.

U.S. markets were lifted by major acquisition activity as Comcast Corp. confirmed that it plans to buy Time Warner Cable for about US$45.2 billion in stock in a deal that would combine the top two cable TV companies in the United States. Also, tire maker Goodyear posted quarterly profit that beat expectations.

The gold sector rose about four per cent as April bullion was $5.10 higher at US$1,300.10 an ounce.

Barrick Gold Corp. (TSX:ABX) lost US$2.83 billion in its latest quarter but beat on revenue and its shares gained $1.27 to C$22.08.

The financials sector rose 0.77 per cent. Sun Life Financial Inc. (TSX:SLF) posted operating income that nearly doubled during the most recent quarter to $642 million or $1.05 per share, well above estimates of 68 cents per share and its shares gained 82 cents to $38.35.

The consumer discretion sector also helped lift the TSX as Canadian Tire Corp. (TSX:CTC.A) earned quarterly net income of $191 million or $2.35 a share, up from $162.8 million a year earlier. Revenue was $3.328 billion, compared with $3.166 billion and its shares gained $2.94 to $97.69.

The energy sector was up 0.7 per cent as March crude on the New York Mercantile Exchange slipped two cents to US$100.35 a barrel.

But shares in Cenovus Energy Inc. (TSX:CVE) lost 87 cents to $28.77 as the oilsands producer reported $212 million or 28 cents a share of operating earnings, compared with a year-earlier operating loss of $188 million or 25 cents per share. Cenovus also says its quarterly dividend will rise 10 per cent to 26.62 cents per share.

The base metals sector led decliners, down 2.11 per cent on the TSX as March copper closed unchanged at US$3.25 pound. Teck Resources (TSX:TCK.B) blamed lower prices for a lower adjusted fourth-quarter profit of $227 million, or 40 cents a share. Teck shares fell $1.86 or 6.68 per cent to C$26.

  • Rate this Rate This Star Icon
  • This article has not yet been rated.
  • We want you to tell us what you think of our articles. If the story moves you, compels you to act or tells you something you didn’t know, mark it high. If you thought it was well written, do the same. If it doesn’t meet your standards, mark it accordingly.

    You can also register and/or login to the site and join the conversation by leaving a comment.

    Rate it yourself by rolling over the stars and clicking when you reach your desired rating. We want you to tell us what you think of our articles. If the story moves you, compels you to act or tells you something you didn’t know, mark it high.

Sort by: Newest to Oldest | Oldest to Newest | Most Popular 0 Commentscomment icon

You can comment on most stories on brandonsun.com. You can also agree or disagree with other comments. All you need to do is register and/or login and you can join the conversation and give your feedback.

There are no comments at the moment. Be the first to post a comment below.

Post Your Commentcomment icon

Comment
  • You have characters left

The Brandon Sun does not necessarily endorse any of the views posted. Comments are moderated before publication. By submitting your comment, you agree to our Terms and Conditions. New to commenting? Check out our Frequently Asked Questions.

letters

Make text: Larger | Smaller

Brandon Sun Business Directory
Submit a Random Act of Kindness
Why Not Minot?
Welcome to Winnipeg

Social Media

Canadian Mortgage Rates