Canadian stock market closes higher on earnings reports

The Canadian stock market rose slightly Wednesday amid another heavy day of earnings reports. The Toronto Stock Exchange's benchmark S&P/TSX Composite Index ended up 18.70 points, or 0.14 percent, to finish the day's trading at 13,380.41 points. Canadian autoparts manufacturer Magna International reported its quarterly revenue was up 13 percent to 8.3 billion U.S. dollars. The results beat analysts' expectations and the company' s shares rose 1.36 percent to 90.19 Canadian dollars (about 86.58 U.S. dollars) apiece. Oil and gas producer Talisman Energy Inc. posted a loss of 45 million Canadian dollars from operations in the three months ending Sept. 30, which was up from a loss of 36 million Canadian dollars a year earlier. Its shares lost 2.65 percent to 12.48 Canadian dollars apiece. Media giant Torstar Corp. posted a quarterly net loss of 70.8 million Canadian dollars, compared to a profit of 11.1 million Canadian dollars a year ago. Torstar shares lost 0.17 percent to 5. 77 Canadian dollars apiece. Gold-mining sector shares climbed with the rising prices of gold bullion. Goldcorp Inc. shares added 1.08 percent to 26.25 Canadian dollars while Kinross Gold gained 1.93 percent to 5.28 Canadian dollars per share. On the economic beat, Statistics Canada reported that building permits in Canada moved up 1.7 percent in September to 6.5 billion Canadian dollars, the seventh monthly advance since the beginning of the year. At closing, the Canadian dollar closed up at 0.9598 U.S. dollars at 5 p.m. local time (2200 GMT), compared with 0.9564 US dollars Tuesday.