TSX jumps as energy stocks gain on higher oil prices
Reuters
Published Jun 16, 2020 08:11
Updated Jun 16, 2020 10:30
(Reuters) - Canada's main stock index rose on Tuesday as the energy sector jumped nearly 4% on signs of improving crude oil demand, while sentiment was also bolstered by a record increase in U.S. retail sales and prospects of more economic stimulus.
U.S. crude prices rose 3.4%, while Brent crude added 3% after the International Energy Agency increased its oil demand forecast for 2020 and as record supply cuts supported the market. [O/R]
The U.S. Federal Reserve is set to start purchasing corporate bonds on Tuesday as part of an already announced stimulus scheme, while latest data showed a record jump in U.S. retail sales in May as Americans resumed spending after weeks of lockdowns.
At 9:42 a.m. ET (13:42 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 301.76 points, or 1.96%, at 15,661.42.
The financials sector gained 2.7%. The industrials sector rose 2.6%.
The materials sector, which includes precious and base metals miners and fertilizer companies, added 0.1% as gold futures rose 0.3% to $1,725.8 an ounce. [GOL/]
On the TSX, 199 issues were higher, while 29 issues declined for a 6.86-to-1 ratio favouring gainers, with 32.56 million shares traded.
The largest percentage gainer on the TSX was oilfield services and equipment provider Shawcor Ltd (TO:SCL), which jumped 11.9%, followed by Pason Systems Inc (TO:PSI), which rose 10.6%.
Silvercorp Metals Inc (TO:SVM) fell 2.0%, the most on the TSX. The next biggest decliner was Alacer Gold Corp (TO:ASR), down 1.7%.
The most heavily traded shares by volume were Bombardier Inc (TO:BBDb), up 4.9%, BCE Inc (TO:BCE), up 2.7%, and Air Canada (TO:AC), up 5.2%.
The TSX posted three new 52-week highs and no new lows.
Across all Canadian issues, there were 14 new 52-week highs and one new low, with a total volume of 55.84 million shares.
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Written By: Reuters
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