Canada Stocks: TSX snap 3-day losing streak as commodities rally

Nexgen Energy

09/11/2023 21:41

* 
      TSX ends up 0.3% at 19,587.41 
    

        * 
      Rogers up on quarterly profit beat
    

        * 
      Commodity-linked stocks lead gains
    

        * 
      Manulife rises on earnings beat
    

  
 (Adds investor quote in paragraph 3)
    By Fergal Smith
       Nov 9 (Reuters) - Canada's main stock index rose on
Thursday, ending this week's losing streak, as commodity prices
rebounded and investors cheered upbeat corporate earnings,
including from Rogers Communications.
    The Toronto Stock Exchange's S&P/TSX composite index
 .GSPTSE  ended up 57.20 points, or 0.3%, at 19,587.41 after
three straight days of declines.
    "We are seeing a nice move higher in the energy stocks which
have been oversold as crude really had a rough patch, golds are
bouncing back and also it was a nice quarter for Rogers," said
Greg Taylor, a portfolio manager at Purpose Investments.
        
    Rogers  RCIb.TO  shares rose 3.2% as the telecom operator
beat third-quarter profit estimates. 
    The energy sector ended up 1.5% as the price of oil  CLc1 
rebounded from a four-month low the previous day, settling 0.5%
higher at $75.74 a barrel.
    Shares of Suncor Energy  SU.TO  climbed 3.7% after the
company reported higher-than-anticipated quarterly profit,
helped by strong refining margins and higher sales volumes from
its oil sands operations.
    Uranium miner NexGen Energy  NXE.TO  received Saskatchewan's
environmental assessment approval to proceed with development of
its 100%-owned Rook I Project. Its shares added 7.1%. 
    The materials group  .GSPTTMT , which includes precious and
base metals miners and fertilizer companies, advanced 0.8% as
gold and copper prices rose.
    Stelco Holdings  STLC.TO  was another standout. Its shares
jumped 12.5% after the steelmaker reported
better-than-anticipated third-quarter results.        
    Manulife Financial  MFC.TO  shares were up 3% after the
insurer posted better-than-expected earnings for the third
quarter, boosted by sales in Asia and higher returns on
investment.

 (Reporting by Fergal Smith in Toronto and Khushi Singh in
Bengaluru; Editing by Tasim Zahid and Rod Nickel)
 ((fergal.smith@thomsonreuters.com; +1 647 480 7446))