Canadian Stocks Rise For 12th Day, Boosted By Telecoms -- Canadian Commentary

(RTTNews) - Canadian stocks continued their remarkable winning streak on Thursday, pushing Toronto's main stock index to fresh 3-year highs.

Bay Street traders ignored troubling manufacturing news from China, turning their focus to potentially game-changing news in the Canadian telecom sector and hopes for a reversal of fortune at Blackberry.

The S&P/TSX Composite Index moved higher by 90.64 points, or 0.65 percent, to 14,210.37. It was the twelfth consecutive winning session for Canadian stocks, the longest such streak since 1995.

The index has jumped 12 percent over the course of this streak, rising to its highest level since 2011.

In news from the telecom sector, Quebecor's Videotron (QBR-B.TO) spent $233.3 million for spectrum licences in Quebec, Ontario, Alberta and British Columbia.

Analysts say the auction results create the possibility of a fourth major national wireless carrier. Quebecor stock jumped 11 percent.

Larger rivals Rogers (RCI.B.TO) paid $3.3 billion for 22 licences, Bell (BCE.TO)paid $565 million for 31 licences and Telus (T.TO) paid $1.1 billion for 30 licences. Shares of the big three telecoms were little changed.

Blackberry (BB.TO) shares rose 4 percent after Facebook Inc's $19 billion bid for mobile-messaging startup WhatsApp. Analysts say Blackberry's messenger app may draw interest from buyers.

Utilities struggled after TransAlta Corp. (TA.TO) slashed its dividend and agreed to sell its stake in a U.S. electricity generation company. TA shares plunged 7.2 percent.

Osisko Mining Corp., subject of a C$2.88 billion ($2.6 billion) hostile offer from Goldcorp Inc., tells Bloomberg there is a "clear" argument for remaining a stand-alone miner. Osiski shares rose 3.2 percent.

Tim Hortons (THI.TO) reported slightly higher net earnings of 69 cents versus 65 cents in the same quarter a year ago. The coffee shop also announced a $440 million share repurchase program. Tim shares rose 1.8 percent.

Loblaw Companies (L.TO) reported adjusted net earnings of C$0.65 per basic share for the quarter, beating estimates. The stock rose 4.5 percent.

Finning International Inc.(FTT.TO) posted fourth-quarter net income of C$93 million or C$0.54 per basic share, compared to C$103 million or C$0.60 per basic share, last year. The quarterly results were in line with estimates. Finning stock added 2.7 percent.

TransCanada (TRP.TO) shares slipped 2.1 percent a day after a U.S. court voided the Nebraska governor's decision to allow the controversial line to pass through the Midwestern state.

The pipeline operator also reported higher fourth-quarter earnings.