Toronto Stocks Rise as Earnings Offset Falling Oil and Gold Prices

   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 [e-mail]

(END) Dow Jones Newswires

July 22, 2016 16:45 ET (20:45 GMT)

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