By Shristi Achar A
(Reuters) – Canada’s main stock index rose on Thursday, lifted by energy stocks, while shares of Bausch Health and Stantec surged following upbeat earnings.
At 10:14 a.m. ET (1514 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 37.17 points, or 0.18%, at 20,230.5.
The energy sector rose 1.5% after five straight days of declines as oil prices firmed with gains on Russian supply curbs capped by an expected rise in U.S. inventories.
“The biggest factor is that energy stocks might have a bit of a bounce, which had been under pressure for the last few days,” said Greg Taylor, chief investment officer at Purpose Investments.
Shares of Bausch Health Cos jumped 10.7%, lifting the healthcare index up 3.0%, after the medical device maker beat revenue estimates for fourth quarter.
Stantec Inc climbed 11.4% as construction company beat fourth-quarter profit estimates, and RBC Capital Markets upgraded the stock to “outperform” from “sector perform’.
The industrial sector rose 0.4%.
With more than half the companies on the TSX having reported results, 63.3% have topped fourth-quarter earnings expectations, as per Refinitiv data.
First Quantum Minerals Ltd was a prominent laggard, down 3.6%, after the miner said its unit had suspended ore processing operations at the disputed Cobre Panama mine.
In other earnings, Loblaw Cos Ltd gained 2.5% after the retailer forecast annual earnings above analysts’ expectations and fourth-quarter results beat estimates.
(Reporting by Shristi Achar A in Bengaluru; Editing by Sriraj Kalluvila)