The Toronto stock market advanced Thursday after four losing sessions amid higher commodities, positive earnings news and data showing Britain’s economy is growing again.
The S&P/TSX composite ended the day up 105.21 points to 12,300.23
The Canadian dollar eased back 0.05 cents to 100.58 cents U.S.
In Canada, Potash Corp. says its third-quarter profit fell 22% from a year ago to $645 million U.S. or 74 cents per share. Revenue was $2.14 billion, down from $2.32 billion in the third quarter of 2011. The revenue was in line with analyst estimates but profit was below expectations by two to three cents per share, depending on adjustments. Its shares dipped 12 cents to $40.17.
Elsewhere in the resource sector, oil and gas producer Nexen Inc. said its net income fell to $59 million, or 11 cents per share, in the third quarter from $200 million, or 38 cents per share a year ago due to lower cash flow and the impact of several non-recurring items.
Nexen also said it expected the $15.1-billion deal that would see it acquired by China National Offshore Oil Co. to be completed by the end of this year. Its shares gained seven cents to $23.70.
Cenovus Energy Inc. says its net income fell by 43% from a year ago to $289 million or 38 cents per share before adjustments, missing analyst estimates by a wide margin. But Cenovus’s cash flow, a more closely watched metric in the energy sector, rose by 41% to $1.12 billion or $1.47 per share, 25 cents better than estimates. Its shares regained lose early momentum and picked up cents to $34.40.
Precision Drilling Corp. shares dipped four cents to $7.48 as it saw its third-quarter profit drop 53% to $39 million or 14 cents a share in the last quarter, which was five cents short of expectations. Revenue slipped 1.7% to $484.8 million against expectations of $497.9 million.
The gold sector rose as Goldcorp Inc. handed in a strong earnings report. Goldcorp posted a third-quarter profit of $498 million U.S. or 61 cents a share, helped by improvements at its Red Lake and Penasquito mines. Adjusted for one-time items, Goldcorp’s earnings were 54 cents per share, six cents better than estimates and its shares rose $2.81, or 6.9%, to $43.60.
Agnico-Eagle Mines Ltd. grew $4.59, or 8.9%, to $55.97 as it increased its production guidance for the year and it reported a better than expected third-quarter profit of $106.3 million.
The metals and mining sector was flat as copper gave up an early modest gain and moved down a penny to $3.56 U.S. a pound.
Copper closed unchanged Wednesday but prices for the metal, which is viewed as an economic barometer, saw a slide of 18 cents in the previous four sessions. Teck Resources climbed 34 cents to $31.73.
Elsewhere on the earnings front, Shaw Communications Inc. gained 36 cents to $20.85 as it reported quarterly net income from continuing operations of $133 million, or 28 cents per diluted share, for down from $167 million or 37 cents per share in the same period last year. Revenue, however, was up 2.5% to $1.21 billion for the quarter compared to $1.81 billion year over year.
ON BAYSTREET
The TSX Venture Exchange grew 16.79 points to 1,305.54
All but three of the 14 Toronto subgroups were higher, led by gold’s 3% journey higher. Materials were 2.2% better and information technology increased 1.5%.
The three laggards were industrials, down 0.3%, utilities, sliding 0.2%, and the metals and mining, doffing 0.02%.
ON WALLSTREET
Stocks were little changed Thursday afternoon as concerns about corporate earnings weighed on the market.
The Dow Jones Industrial Average nosed up 26.34 points to end the day at 13,103.70
The S&P 500 index gained 4.22 points to 1,412.97, while the Nasdaq regained 4.42 points to 2,986.12
Procter & Gamble was the biggest gainer on the Dow after it reported mixed quarterly results, but maintained its outlook for the full year. Rival consumer Colgate said sales fell in the most recent quarter and announced a restructuring plan that includes cutting its workforce by 6% over the next four years. Shares fell 2% in afternoon trading.
Unilever, another consumer name, reported solid third-quarter results as growth in emerging markets offset weakness in developed economies.
ConocoPhillips said earnings fell 31% in the third quarter as oil prices sank.
Sprint reported a net loss in the third quarter that widened from the same period last year. Tech giants Apple and Amazon will report after the bell.
Zynga shares surged after the social gaming firm reported sales on Wednesday that topped forecasts. Zynga also announced a partnership with bwin.party, an international gaming operator that will enable real money casino games like poker, slots and roulette in the U.K.
Shares of F5 Networks sank after the network technology firm reported quarterly earnings Wednesday that missed expectations.
Meanwhile, online security firm Symantec jumped after offering strong guidance for the current quarter.
Shares of BestBuy fell after the retailer on Wednesday warned that third-quarter sales would be lower than projected and announced a management shakeup.
On the economic front, the government said initial jobless claims fell to 369,000 in the week ended October 20, down from 392,000 in the previous week. Economists had expected claims to fall to 375,000, according to a survey of analysts.
Reports on durable goods and pending home sales in September also came in above expectations.
The price of the benchmark 10-year U.S. Treasury dropped sharply, raising the yield to 1.83% from Wednesday’s 1.78%. Treasury prices and yields move in opposite directions.
Oil prices were positive by 31 cents to $86.04 U.S. a barrel.
Gold prices hiked $11.20 per ounce to $1,713.60 U.S.
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