Home Economics Energy shares drive gains on TSX

Energy shares drive gains on TSX

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Canada’s main stock index rose on Tuesday, driven by gains in energy shares on the back of a surge in oil prices.

– At 9:33 a.m. ET (14:33 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 40.58 points, or 0.26 percent, at 15,609.43.

– World stocks also advanced on optimism about U.S.-China trade talks and cheered Washington’s deal to avoid another government shutdown.

– The energy sector’s 1.5 percent rise was the most among the 11 major sectors.

– U.S. crude prices were up 2.9 percent per barrel, while Brent crude added 2.8 percent, supported by production cuts from OPEC and Saudi Arabia, as well as U.S. sanctions against Iran and Venezuela.

– The heavyweight financials sector gained 0.3 percent, while the industrials sector rose 0.5 percent.

– The materials sector, which includes precious and base metals miners and fertilizer companies, added 0.4 percent.

– On the TSX, 166 issues were higher, while 62 issues declined for a 2.68-to-1 ratio favoring gainers, with traded volume touching 9.10 million shares.

– The largest percentage gainers on the TSX were Parex Resources Inc, which surged 3.4 percent, and Encana Corp, which rose 3.1 percent.

– Shopify Inc fell 5.4 percent, the most on the TSX, after the company reported slowing rate of sales growth by vendors using its software.

– The second biggest decliner was Aurora Cannabis, down 3.5 percent, after the marijuana producer reported second quarter results.

– The most heavily traded shares by volume included Aurora Cannabis and Aphria Inc.

– The TSX posted three new 52-week highs and no new low.

– Across all Canadian issues, there were six new 52-week highs and one new low, with total volume touching 14.97 million shares.

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