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CANADA STOCKS-TSX little changed as Barrick helps it touch record
February 16, 2017 / 3:51 PM / in 8 months

CANADA STOCKS-TSX little changed as Barrick helps it touch record

* TSX up 14.35 points, or 0.09 pct, to 15,859.30

* Six of the TSX’s 10 main groups were higher

OTTAWA, Feb 16 (Reuters) - Canada’s main stock index was little changed on Thursday after touching a record high as Barrick Gold Corp jumped on the company’s better-than-expected profits, but that was offset by a drop in Sun Life, which reported a decline in earnings.

Bay Street also got some help from the energy sector, which was boosted by firmer oil prices and a 2.3 percent gain in Cenovus Energy Inc . The oil and gas producer reported an unexpected quarterly profit and the stock was up at C$18.38.

The overall energy sector climbed 0.1 percent as oil prices were up 0.2 percent at $53.21 a barrel after sources said OPEC could extend its supply reduction deal with non-members.

Barrick was the biggest lift on the index, jumping 6 percent to C$26.79, the day after the miner announced stronger-than-anticipated profit and a debt reduction plan.

Goldcorp Inc also drove the market higher as lower costs at its gold mines in the Americas helped its quarterly profit beat expectations. Its stock was up 4.1 percent at C$22.72.

The gold subindex climbed 1.4 percent.

At midmorning, the Toronto Stock Exchange’s S&P/TSX composite index was up 14.35 points, or 0.09 percent, to 15,859.30. Of the index’s 10 main groups, six were in positive territory.

The stock index touched a record high at 15,863.28, making for the fifth session in a row that equities have notched a new record.

But a drop in shares of Sun Life Financial Inc kept overall market gains in check after the insurer reported a drop in quarterly underlying profit. Sun Life was down 3 percent at C$51.05.

Bombardier fell 3.1 percent to C$2.50 after it posted lower-than-expected revenue on weak demand in its rail and business aircraft divisions.

Bombardier has struggled in recent years as it brings its new CSeries jet program to the market. The Canadian government agreed last week to provide aid to the company. (Reporting by Leah Schnurr; Editing by Jeffrey Benkoe)

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