Gold Stocks Lead TSX Higher -- Canadian Commentary

(RTTNews) - Canadian stocks continued to trudge ahead Thursday, with Toronto's main index touching new 11-month highs.

However, today's advance was mostly due to rebounding gold stocks. Gold's popularity is generally a sign of safe haven demand, reflecting poorly on the broader market.

The S&P/TSX Composite Index was up 32.26 points, or 0.22 percent, to 14,565.83-- a seventh daily advance in nine sessions.

Energy stocks were slightly weaker due to lower crude prices and mixed earnings results.

Encana (ECA.TL) reported a smaller quarterly loss, helped by agressive cost-cutting measures. The company said it will raise its 2016 capital expenditure program by $200-million. Shares rose 3.7 percent.

Precision Drilling Corp. (PD.TO) reported Thursday that its second-quarter net loss was wider than last year's net loss. However, However, CEO Kevin Neveu predicted better results ahead. The stock fell 4.4 percent.

Rogers Communications Inc. (RCI.TO) revealed earnings for its second quarter rose 4 percent compared to the same period last year. Shares were up 4 percent.