Newspaper article The Canadian Press

Earnings News, Miners Support TSX, Traders Cautious amid Worsening Ukraine Crisis

Newspaper article The Canadian Press

Earnings News, Miners Support TSX, Traders Cautious amid Worsening Ukraine Crisis

Article excerpt

TSX modestly higher amid positive earnings

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TORONTO - The Toronto stock market closed higher Thursday amid positive earnings news and despite rising tensions between Russia and Ukraine.

Toronto's S&P/TSX composite index closed up 20.86 points at 14,554.25.

The Canadian dollar rose 0.03 of a cent to 90.68 cents US.

New York's Dow industrials was unchanged from Wednesday at 16,501.65 as traders took in positive earnings reports from General Motors and Caterpillar.

The Nasdaq gained 21.37 points to 4,148.34 after earnings from Facebook and Apple blew past expectations, while the S&P 500 index gained 3.22 points to 1,878.61.

In Canada, Potash Corporation of Saskatchewan Inc. (TSX:POT) posted quarterly net income of US$340 million or 40 cents a share, compared with 63 cents per share, or US$556 million, in the same period last year. The company's guidance was for between 30 and 35 cents per share and its shares gained 67 cents or 1.75 per cent to C$39.02.

General Motors says first-quarter profit fell 86 per cent to $125 million or six cents a share as a string of recalls dragged down earnings. Excluding one-time items, GM made 29 cents per share, far above analyst estimates of three cents per share. GM shares lost early momentum to move down 20 cents to US$34.19.

Christian Mayes, an industrials analyst with Edward Jones, said the stock decline could be due to investor concerns about GM's U.S. market share, which could suffer because of the recalls.

Caterpillar's first-quarter earnings climbed five per cent to US$922 million, or $1.44 per share. Earnings totalled $1.61 per share, excluding restructuring costs. Total revenue was nearly flat at $13.24 billion. Analysts forecast earnings of $1.21 per share on $13.09 billion in revenue. Caterpillar shares were up $1.91 to $105.29.

"What it shows is domestically, (U. …

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