Reuters logo
CANADA STOCKS-TSX advances, led by energy stocks, as oil price gains
May 15, 2017 / 2:45 PM / 6 months ago

CANADA STOCKS-TSX advances, led by energy stocks, as oil price gains

* TSX up 93.27 points, or 0.6 percent, to 15,631.15

* Nine of the TSX’s 10 main groups advanced

TORONTO, May 15 (Reuters) - Canada’s main stock index rose on Monday as energy companies, helped by a jump in crude oil prices, led a broad rally.

The price of oil surged to its strongest in more than three weeks on Monday after Saudi Arabia and Russia supported an extension on supply cuts into 2018. Canada’s energy sector is sensitive to the global price of oil.

Canadian Natural Resources Ltd was the most influential gainer on the index, rising 2.2 percent to C$43.16, while Suncor Energy Inc advanced 1.1 percent to C$43.91.

The overall energy group climbed 1.7 percent. U.S. crude prices were up 2.7 percent to $49.15 a barrel.

At 10:25 a.m. ET (1425 GMT), the Toronto Stock Exchange’s S&P/TSX composite index rose 93.27 points, or 0.6 percent, to 15,631.15.

Telecoms, down 0.1 percent, was the only one of the index’s 10 main groups that did not advance.

The financials group gained 0.4 percent, as Toronto Dominion Bank led the sector with a 0.7 percent advance to C$63.52. Home Capital Group Inc, which updated its liquidity and deposits status on Monday, bounced 6.2 percent to C$9.71.

Over the weekend, Bank of Canada Governor Stephen Poloz said in a newspaper interview that the alternative lender’s recent problems were contained. He said the potential impact of sharp gains in Canadian home prices was the central bank’s primary concern.

Real estate data on Monday showed home resales fell last month from record highs in March, suggesting that a long-awaited slowdown in housing may have begun.

Canadian National Railway Co was another influential gainer, climbing 1.2 percent to C$102.86, to help give the industrials group a 0.7 percent rise.

On the downside, news that Eldorado Gold Corp will buy Integra Gold Corp sent Eldorado’s shares down 8.4 percent to C$4.58, tempering some of the materials group’s 0.8 percent gains.

Advancing issues outnumbered decliners on the TSX by 193 to 55, for a 3.51-to-1 ratio.

The index was posting 6 new 52-week highs and one new 52-week low. (Reporting by Solarina Ho; Editing by Bernadette Baum)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below