Energy rally sets TSX on pace for best day in two months
Reuters
Published Feb 04, 2020 10:28
Energy rally sets TSX on pace for best day in two months
(Reuters) - Canada's main stock index rose on Tuesday, as a rebound in oil prices powered a rally in energy shares, while broader sentiment was lifted by a fresh round of stimulus by China's central bank to cushion the blow from a coronavirus epidemic.
China injected 1.7 trillion yuan ($242.74 billion) worth of liquidity into the markets via reverse repo operations on Monday and Tuesday, helping ease investor fears of the potential economic fallout from the coronavirus outbreak.
* The energy sector climbed 2% as crude prices rose about 1% on hopes of additional production cuts from OPEC. [O/R]
* The materials sector, which includes precious and base metals miners and fertilizer companies, lost 0.3% as gold futures fell 1.2% to $1,558.8 an ounce [GOL/]
* At 09:39 a.m. ET (14:39 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 134.85 points, or 0.78%, at 17,514.61, on track for its biggest one-day percentage gain since Dec. 6.
* Canada's export credit agency said trade confidence among the countries exporters fell to its lowest level in nearly a decade, as businesses wrestle with protectionist policies and fret about the global economy.
* On the TSX, 176 issues were higher, while 51 issues declined for a 3.45-to-1 ratio favouring gainers, with 18.62 million shares traded.
* The largest percentage gainer on the TSX wasHudbay Minerals (TO:HBM), which jumped 8.4% after Scotiabank upgraded its shares to "market outperform".
* Endeavour Mining (TO:EDV) fell 3.1%, the most on the TSX, after Burkina Faso's mining minister said gold production probably fell slightly last year partly due to security problems and attacks targeting industrial miners. Endeavour has operations in Burkina Faso.
* The second biggest decliner was Eldorado Gold (TO:ELD), down 3%.
* The most heavily traded shares by volume were Bank Of Montreal (TO:BMO), Aurora Cannabis (TO:ACB) and Bombardier (TO:BBDb).
* The TSX posted 21 new 52-week highs and no new low.
* Across all Canadian issues there were 45 new 52-week highs and three new lows, with total volume of 29.51 million shares.
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Written By: Reuters
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