CANADA STOCKS-TSX set to snap 3-day losing streak on earnings boost
(Updated at 10:10 a.m. ET (15:10 GMT))
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TSX up 0.8%
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Rogers up on quarterly profit beat
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Commodity-linked stocks lead gains
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Manulife rises on earnings beat
By Khushi Singh
Nov 9 (Reuters) - Canada's main stock index was on track to snap a three-day streak of declines on Thursday, after a string of upbeat earnings from industry heavyweights, including insurer Manulife and telecom operator Rogers, lifted shares across the board.
At 10:10 a.m. ET (1510 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 152.69 points, or 0.78%, at 19,682.9.
Rogers Communications shares rose 3.9% as the telecom operator beat third-quarter profit estimates, pushing the broader capped communication services index higher by 1.3%.
Stelco Holdings shares jumped 12.5% to the top of the TSX after the steelmaker reported better-than-anticipated third-quarter results.
The broader materials index moved higher by 1.8%, leading sectoral gains.
Shares of Suncor Energy climbed 2.5% after the oil firm reported higher-than-anticipated profit in its third quarter, helped by strong refining margins and higher sales volumes from its oil sands operations.
The energy sector was also up 1.7%, tracking higher oil prices.
"People are more worried about demand falling short than supply falling short, and that's kind of keeping a lid on the commodity prices," said Colin Cieszynski, chief market strategist at SIA Wealth Management.
The financials index gained 0.8%, following a 3.0% rise in shares of Manulife Financial after the insurer posted better-than-expected earnings for the third quarter, boosted by sales in Asia and higher returns on investment.
Canadian uranium miner NexGen Energy received Saskatchewan's environmental assessment approval to proceed with the development of its 100%-owned Rook I Project. The stock added 6.7%.
On the contrary, Wesdome Gold Mines was among the top decliners on the overall index, down 3.2% following third-quarter revenue miss. (Reporting by Khushi Singh in Bengaluru; Editing by Tasim Zahid)
