Toronto Stocks Push Higher
July 14 2016 - 4:09PM
Dow Jones News
By Ezequiel Minaya
Canadian shares pushed higher Thursday, boosted by financial and
energy companies as oil prices rebounded and J.P. Morgan Chase
& Co. reported stronger-than-expected results.
The S&P/TSX Composite Index added 20.72 points, or 0.1%, to
14514.52. Advancers outnumbered decliners, 929 to 700. Trading
volume was 337.6 million shares.
The blue-chip S&P/TSX 60 Index rose 1.7 points, or 0.2%, to
844.80.
Oil prices climbed Thursday as the direction of the market has
been closely linked to stocks and the U.S. dollar since June's vote
by the U.K. to leave the European Union.
Oil traders and analysts have leaned in a bearish direction in
recent weeks with the supply surplus expanding. But oil markets
have shrugged off those concerns in light of investors jumping back
into riskier assets.
The banking sector further beat back worries of any Brexit
hangover with J.P. Morgan Chase & Co., the largest U.S. bank by
assets, posting gains in revenue and loans, important markers amid
low rates.
Energy companies Encana Corp., which climbed 1.4%, Manulife
Financial Corp., which rose 1.2%, and Sun Life Financial Inc., up
1.2%, were among leading gainers.
Gold companies Agnico-Eagle Mines Ltd., down 1.7% and Eldorado
Gold Corp., down 1.6%, landed among top decliners.
Among other companies making notable moves were Canam Group Inc.
and Golden Queen Mining Co.
Construction-products company Canam Group said it expected to
record an after-tax reserve of C$32 million in the second quarter
for the revised cost estimates for a "significant project." It
didn't identify the project but said it believed this was a
one-time event. Analysts said the charge equaled between 67
Canadian cents and 68 Canadian cents a share. The company's shares
fell 14%.
Golden Queen said it has agreed to sell nearly nine million
stock-warrant units at C$1.45 each to raise C$13 million. The
gold-and-silver producer said it planned to use net proceeds to
partially repay loans. Golden Queen sank 15%.
--Judy McKinnon contributed to this article.
Write to Ezequiel Minaya at Ezequiel.Minaya@wsj.com
(END) Dow Jones Newswires
July 14, 2016 16:54 ET (20:54 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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