TSX helped by strength in energy stocks

Cape Breton Post - - BUSINESS EXTRA -

TORONTO - The Toronto Stock Ex­change ended the day higher on Thurs­day, helped by strength in the energy stocks as some big names in the sec­tor an­nounced plans to cut costs in re­leas­ing their quar­terly re­sults. The S&P/TSX com­pos­ite in­dex gained 80.98 points to 14,382.78 as Sun­cor Energy said it plans to cut its cap­i­tal spend­ing and Cen­ovus Energy slashed its div­i­dend and an­nounced job cuts. Roland Chalupka, chief in­vest­ment of­fi­cer of Fidu­ciary Trust Canada, a unit of Franklin Tem­ple­ton In­vest­ments, said in­vestors are look­ing for oil com­pany earn­ings to im­prove in the third quar­ter as the year-over-year com­par­i­son be­gins to re­flect the slide in oil prices that be­gan in July 2014. "Oil in­vestors have been pun­ished in re­cent months and I think this is a lit­tle bit of some­what un­ex­pected good news that the worst is over,'' he said. Cen­ovus said in its earn­ings re­port on Thurs­day that it will cut 300 to 400 work­ers from its Cal­gary of­fice, on top of 800 po­si­tions it elim­i­nated in Fe­bru­ary, as well as re­duce its div­i­dend by 40 per cent. Sun­cor said it will trim cap­i­tal spend­ing by $400 mil­lion for the year as it an­nounced its quar­terly re­sults on Thurs­day. The energy sec­tor of the TSX gained 0.94 per cent on the day. The price of oil has fallen by more than half since this time last year. The loonie fell 0.4 of a cent to 76.86 cents U.S. as the green­back gained strength from pos­i­tive eco­nomic data. The Cana­dian Press

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