TSX rises on oil price gains, easing of lockdowns
Reuters
Published May 05, 2020 07:48
Updated May 05, 2020 11:30
(Reuters) - Canada's main stock index rose on Tuesday, in line with Wall Street as oil prices surged and many countries eased coronavirus-related restrictions to boost economic recovery.
Countries including Italy, Spain, India and some U.S. states are temporarily easing stay-at-home orders, raising hopes for an eventual exit from curbs on social and business activity, which could bolster demand for oil.
* At 09:42 a.m. ET (1342 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 144.12 points, or 0.98%, at 14,889.16.
* However, Canada's trade deficit widened to C$1.41 billion ($1.00 billion) in March as the COVID-19 pandemic and low demand for oil hit the economy, and data showed that April's shortfall would likely be worse.
* The energy index climbed 5.2% as U.S. crude prices gained 15.1% a barrel, while Brent crude added 9.9%. [O/R]
* The financials sector gained 1.2%. The industrials sector rose 0.5%.
* The materials sector, which includes precious and base metals miners and fertilizer companies, lost 0.3% as gold futures fell 0.6% to $1,697.2 an ounce. [GOL/]
* On the TSX, 177 issues were higher, while 50 issues declined for a 3.54-to-1 ratio favouring gainers, with 29.51 million shares traded.
* The largest percentage gainers on the TSX were Westshore Terminals Investment Corp (TO:WTE), which jumped 10.1% and Meg Energy Corp (TO:MEG), which rose 9.3%.
* Iamgold Corp (TO:IMG) fell 6.7%, the most on the TSX, after it missed first-quarter revenue estimates and reported quarterly loss of 1 cent per share while analysts were expecting profit of 4 cents.
* The second biggest decliner was Thomson Reuters Corp (TO:TRI), down 2.6% after it cut its full-year sales outlook and reported first quarter sales and operating profit slightly below Wall Street expectations.
* The most heavily traded shares by volume were Bombardier Inc (TO:BBDb), up 3.0%; Bank Of Montreal (TO:BMO), up 1.4% and Cenovus Energy Inc (TO:CVE), up 6.4%.
* The TSX posted three new 52-week highs and no new lows.
* Across all Canadian issues there were eight new 52-week highs and no new lows, with total volume of 51.68 million shares.
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Written By: Reuters
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