TSX ends higher as CP Rail, mining shares gain
Canada’s main stock index rose on Thursday after shares of Canadian Pacific Railway Ltd (CP.TO: Quote) jumped on an upbeat earnings report and mining shares benefited from a gain in commodity prices.
Canadian Pacific was one of the most influential gainers on the index, adding 2.6 percent to C$207.26 after it reported higher-than-expected quarterly profit. It earned more from shipments of commodities such as grain and coal, and expressed optimism that demand was improving.
Its rival, Canadian National Railway Co (CNR.TO: Quote), rose 1.7 percent to C$100.36.
The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE closed up 72.68 points, or 0.47 percent, at 15,625.56. Eight of the 10 main sectors on the index traded higher.
The materials sector, which includes mining stocks, added 0.6 percent. Barrick Gold Corp (ABX.TO: Quote) rose 1.5 percent to C$25.86, and Goldcorp climbed 1.1 percent to C$20.28.
The country’s largest lender, Royal Bank of Canada (RY.TO: Quote), rose 0.5 percent to C$95.78, and Toronto-Dominion Bank (TD.TO: Quote) added 0.3 percent to C$66.04.
But shares in Home Capital Group Inc HCG.TO slumped 20.7 percent to C$17.71 after staff at the Ontario Securities Commission said they would pursue claims that the alternative lender and three current or former executives had breached disclosure rules.
Celestica Inc (CLS.TO: Quote) declined 0.9 percent to C$19.13 after the electronics manufacturer reported quarterly earnings.
The energy group slipped 0.7 percent, reflecting weakness in U.S. crude oil prices. Suncor Energy (SU.TO: Quote) gave back 0.2 percent to C$40.65.