Energy, Big Banks Lead TSX Above 14,000 -- Canadian Commentary

(RTTNews) - Canadian stocks stormed back from early losses to settle sharply higher on Thursday, as Bay Street remained optimistic despite some lackluster earnings news.

Toronto's main index rose for an eighth day in a row, powered by gains among energy and financial stocks.

The S&P/TSX Composite Index jumped 101.65 points to 14,001.65, its highest settlement since January 25.

Metal stocks lagged, but gauges of most sectors finished in the green.

Energy stocks rose 0.7 percent as U.S. crude oil stayed above $100.

April natural gas futures surged 8.3% to $5.22/mln Btus, highest in a week. Analysts point to a prolonged cold snap in the US.

Both the U.S.Energy Information Administration and OPEC raised their expectations for oil demand growth this year.

In earnings news from the oil patch, Encana Corp. (ECA.TO, ECA) reported fourth-quarter 2013 net loss of $251 million, but adjusted earnings beat estimates. Shares were up 1.2 percent.

Elsewhere, insurer Manulife (MCF.TO) 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. Manulife shares were flat.

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 nearly 9 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 4.2 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 jumped 6 percent.

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 6.7 percent.