By Robb M. Stewart
Stocks in Toronto snapped a three-day losing streak as positive earnings helped buoy a number of sectors.
Gains were broad in midday trading, led by mining and financial stocks. Retail was one of the few segments of the market in the red.
The S&P/TSX Composite Index was 1.2% higher at 19761.39, while the blue-chip S&P/TSX 60 was 1.3% stronger at 1191.23.
Rogers Communications’ shares were up 4.3% at C$57.71 after the telecommunications company’s revenue for the third quarter beat market expectations, with 279,000 phone and internet additions in the period, up 52,000 on a year earlier.
Other market movers:
Manulife Financial climbed 3.3% at C$25.75 after it late in the previous day reported a jump in net income for the latest quarter, driven by growth in core earnings and a one-time tax-related benefit.
Enerflex’s shares jumped 12% to C$6.32 after the energy infrastructure company’s quarterly earnings beat expectations as revenue was lifted with a strong performance from its recurring businesses and the North American engineered systems product line.
Stelco was ahead 13% at C$42.51 after the steelmaker’s earnings for the third quarter came in stronger than analysts were expecting despite a fall in revenue with lower prices.
AutoCanada was 17% lower at C$22.13 after the automobile dealership operator’s third-quarter net income fell nearly 31% on last year as revenue rose a weaker-than-expected 2.1%.
Write to Robb M. Stewart at [email protected]
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