Resource company earnings help TSX end losing streak

·1 min read
FILE PHOTO: Businessmen pass the Toronto Stock Exchange sing in Toronto

TORONTO (Reuters) - Canada's main stock index rose on Wednesday, rebounding from a three-month low the day before, as stronger-than-expected corporate earnings boosted the shares of energy and mining companies.

The Toronto Stock Exchange's S&P/TSX composite index ended up 53.42 points, or 0.3%, at 20,744.23, following five straight days of declines. On Tuesday, it posted its lowest closing level in nearly three months.

The S&P 500 also rose, recovering some ground after a steep drop the day before, as strong revenue forecasts from Microsoft and Visa helped to alleviate worries about slowing global economic growth and rising interest rates.

The energy group rose 3.4% as oil prices settled slightly higher. It was led by a 10.3% gain for Cenovus Energy Inc after the company reported a more than seven-fold jump in quarterly profit that surpassed analyst estimates and nearly tripled its dividend.

Mining company Teck Resources Ltd also beat estimates. Its shares climbed 11.7%, while the materials group, which includes precious and base metals miners and fertilizer companies, added 1.0%.

The heavily-weighted financials group was a drag, falling 0.6%, and healthcare ended 0.8% lower.

(Reporting by Fergal Smith; Additional reporting by Amal S in Bengaluru; Editing by Richard Pullin)

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