TSX edges higher as mining stocks rebound

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TSX edges higher as mining stocks rebound

posted on Aug 25, 2016 03:39PM

SymbolPriceChange

ENB.TO	51.68	-0.98

G.TO	20.62	-0.09

VRX.TO	39.69	+0.29

CM.TO	103.03	+1.03

TORONTO (Reuters) - Canada's main stock edged slightly higher on Thursday, helped by a rebound in mining stocks and gains for Canadian Imperial Bank of Commerce after better-than-expected earnings.

The steady performance for the index follows its biggest decline on Wednesday in more than eight weeks.

The materials group, which includes precious and base metals miners and fertilizer companies, added 1.3 percent as gold stocks rebounded after losses on Wednesday.

Fluctuation in gold stocks comes ahead of a speech on Friday by Federal Reserve Chair Yellen that might offer clues on the outlook for U.S. interest rates.

Goldcorp Inc (Toronto:G.TO - News) rose 1.9 percent to C$21.11, but after having hit a four-month low earlier in the session at C$20.36.

Reuters reported on Wednesday that Mexican regulators said they are examining whether mining company Goldcorp broke any regulations in its handling of a long-running leak of contaminated water at Mexico's biggest gold mine.

Spot gold hit a four-week low, pressured by upbeat U.S. durable goods orders data in the run-up to Yellen's speech. [GOL/]

At 10:36 a.m. EDT (1436 GMT), the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) rose 17.33 points, or 0.12 percent, to 14,643.57. Earlier in the session, the index hit its lowest since Aug. 5 at 14,579.64.

Five of the index's 10 main groups were higher.

The health care group advanced 1.1 percent. It was led by a 4.6 percent gain for Valeant Pharmaceuticals International Inc (Toronto:VRX.TO - News) to C$41.20.

Canadian Imperial Bank of Commerce (Toronto:CM.TO - News) rose 1.8 percent to C$103.85.

Both it and Toronto-Dominion Bank TD.TO - News) reported earnings ahead of expectations on Thursday, continuing a strong performance by leading Canadian lenders in the last quarter.

Still, the shares of Toronto-Dominion Bank were slightly lower at C$57.53 and the overall financials group was nearly unchanged.

Energy stocks seesawed as oil turned higher. U.S. crude prices were up 0.3 percent to $46.92 a barrel.

Earlier oil fell amid focus on oversupply and fading expectation of a production freeze.