Toronto Stocks Rise as Earnings Offset Falling Oil and Gold Prices
23 July 2016 - 7:00AM
Dow Jones News
By Ezequiel Minaya
Canadian shares rose Friday, as corporate earnings offset
pressures from falling oil and gold prices.
The S&P/TSX Composite Index gained 34.83 points, or 0.2%, to
14600.66. Advancers outnumbered decliners, 975 to 588. Trading
volume was 252.3 million shares.
The blue-chip S&P/TSX 60 Index rose 2.32 points, or 0.3%, to
850.34.
Oil prices fell Friday as an oversupply in oil products stirred
concerns that the global crude market would remain pressured by a
glut longer than expected.
Oil investors are particularly worried by an oversupply in fuels
such as gasoline, particularly in Asia, after data released this
week highlighted that global gasoline inventories continue to
climb.
Gold price also dropped Friday as investors moved to take
profit. Gold prices surged after the U.K. voted to leave the
European Union last month but have since dropped as market jitters
eased.
Eldorado Gold Corp., down 2.7%, and Yamana Gold Inc., off 2.2%,
were among the leading decliners.
Husky Energy Inc. was among top gainers, climbing 3%. The
company reported a second-quarter loss and a 58% decline in cash
flow, hurt by lower oil prices and a drop in production following
wildfires in Alberta and maintenance work. Still, the latest loss
was smaller than its first-quarter loss.
Among other companies making notable moves were Celestica Inc.,
Horizon North Logistics Inc. and Valeant Pharmaceuticals
International Inc.
Celestica, up 8.5%, said second-quarter revenue rose 5% from a
year earlier to $1.49 billion, which it said was at the high end of
previous guidance for $1.4 billion to $1.5 billion. Adjusted
earnings were also in line with guidance. For the third quarter,
Celestica said it expects revenue of $1.475 billion to $1.575
billion and adjusted per-share earnings of 27 cents to 33
cents.
Horizon North, up 7.6%, said it had agreed to buy Empire Camp
Equipment Ltd., which provides camp and well-site buildings, for
about C$44.5 million.
Valeant, down 6.2%, said the U.S. Food and Drug Administration
has delayed the approval of its experimental glaucoma treatment
because of manufacturing deficiencies at a Bausch and Lomb
facility.
--Judy McKinnon contributed to this report.
Write to Ezequiel Minaya at Ezequiel.Minaya@wsj.com
(END) Dow Jones Newswires
July 22, 2016 16:45 ET (20:45 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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