TSX trends higher on boost from positive earnings; US data eases recession fears
TSX up 0.6%
Healthcare, energy among top gainers
Restaurant Brands gains after Q2 revenue beat
Updated at 9:52 a.m. ET/ 1352 GMT
By Purvi Agarwal
Aug 8 (Reuters) -Canada's main stock index advanced on Thursday, boosted by positive corporate earnings amid broader gains, while a better-than-expected jobs report in the United States eased recession worries.
At 9:52 a.m. ET (13:52 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was up 140.72 points, or 0.64%, at 22,021.67.
The benchmark index is on track to snap four sessions of losses, its longest losing streak since April this year.
"A number of things had happened. The main was the yen carry trade, that created a sell-off worldwide. But (comments from) the Bank of Japan have set markets at ease," said Graham Priest, investment advisor at BlueShore Financial.
In the U.S., the number of Americans filing new applications for unemployment benefits fell more than expected last week, allaying some fears of a potential recession and boosting investor sentiment.
In Canada, consumer discretionary stocks .GSPTTCD were among the top gainers with a rise of 1.1%. The sector was lifted by Restaurant Brands QSR.TO and Canadian Tire Corporation CTCa.TO.
The tyre company added 4% after its second-quarter earnings beat, while the fast-food chain operator exceeded Wall Street expectations for quarterly revenue.
Healthcare shares .GSPTTHC gained 1.5% while the energy sector .SPTTEN trended 1.2% higher as oil prices stabilized. O/R
The index saw broader gains with the exception of real estate shares .GSPTTRE that slipped 0.1%.
On the radar now are domestic employment numbers, due Friday, and corporate updates as the earnings season picks up pace in Canada.
Among other stocks, Manulife Financial MFC.TO gained 1.7% after the insurer reported better-than-expected quarterly profit on Wednesday, powered by a 40% rise in earnings from Asia.
Pan American Silver PAAS.TO fell 6.9% to the bottom of the TSX after it missed profit estimates for the second quarter.
Reporting by Purvi Agarwal in Bengaluru, Editing by Vijay Kishore
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