TSX Rebounds From Early Losses Despite Gloomy Earnings -- Canadian Commentary

(RTTNews) - Canadian stocks fought back from early losses and are poised for a seventh consecutive daily advance despite some worrisome earnings news.

The S&P/TSX Composite Index rose 30 points to 13,930.49 on Wednesday, its highest since January 26.

The heavily weighted Financial Index rose 0.7 percent, weighed down a bit by poor quarterly results from Manulife (MFC.TO).

The insurer reported earnings per share were C$0.35, up from C$0.28 last year. On average, 11 analysts polled by Thomson Reuters expected earnings of C$0.38 per share for the quarter.

Bombardier (BBD.B.TO) also missed estimates. The train maker reported net income excluding items of 7 cents per share in the latest quarter, below the 11 cents per share expected by analysts.

Bombardier stock plunged 10 percent.

BlackBerry (BB.TO) said a new version of its instant-messaging tool, BBM, will be available later Thursday for Android, iPhone and BlackBerry customers. BB shares were down 3 percent.

Energy stocks were up one percent, as US crude oil held just above $100 a barrel.

Encana Corp. (ECA.TO, ECA) reported fourth-quarter 2013 net loss of $251 million, but adjusted earnings beat estimates. Shares were up 0.8 percent.

Barrick Gold (ABX.TO) fourth quarter earnings fell in line with expectations. The decrease reflected lower gold and copper prices and a decline in sales. Barrick shares were unchanged.

Teck Resources Ltd.(TCK, TCK_A.TO, TCK_B.TO) said that its fourth quarter profit increased to C$232 million or C$0.40 per share, from C$200 million or C$0.34 per share in the same period last year. Teck shares slipped 6 percent.