TSX Ready For Fresh Push At All-time Highs -- Canadian Commentary

(RTTNews) - Canadian stocks inched higher Thursday, staying near record highs amid upbeat earnings news and bullish talk from the energy sector.

The TSX Composite Index rose 35.84 points to 15,818, despite a sluggish performance from oil stocks. A move above 15,940 would take the index to its highest ever, surpassing February's mark.

Traders largely ignored comments from OPEC Secretary-General Mohammad Barkindo, who said oil demand will top 100 million barrels a day in 2020.

He also said the global oil glut is quickly dwindling. "A balanced oil market is now fully in sight," Barkindo said.

Cenovus Energy Inc. (CVE.TO, CVE) announced an agreement to sell its Palliser crude oil and natural gas assets in southeastern Alberta to Torxen Energy and Schlumberger for cash proceeds of C$1.3 billion. The company said the proceeds from the Palliser sale will be used to deleverage its balance sheet.

Rogers Communications Inc. (RCI.TO) revealed a profit for its third quarter that gained 22% from last year. The company now expects 2017 adjusted operating profit to increase in the range of 5% to 6%. Previously, the company projected adjusted operating profit to rise in the range of 2% to 4%.

Barrick Gold (ABX.TO) has struck a tentative deal to resolve a dispute with the Tanzanian government, which will take a 16% free carry stake in three gold mines to draw a greater share of the "economic benefits."

Postmedia (PNC.A.TO) reported a profit of 43 cents per share for the quarter ended Aug. 31 compared with a loss of $99.4 million or 35 cents per share a year ago. COO Andrew MacLeod has added the role of president as part of the company's succession plan.