Reuters
Published Mar 04, 2021 07:30
Updated Mar 04, 2021 10:24
(Reuters) - Canada's main stock index recouped initial losses and rose on Thursday, supported by energy stocks, while data showing domestic labor productivity fell in the fourth quarter and weakness in materials capped further gains.
* The energy sector climbed 1.5% as U.S. crude prices were up 1.7% a barrel, and Brent crude added 1.8%.
* Canadian labor productivity fell 2.0% in the fourth quarter, as hours worked rose faster than business output, Statistics Canada said.
* At 9:43 a.m. ET (14:43 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 33.82 points, or 0.18%, at 18,354.49.
* The largest percentage gainers on the TSX were Element Fleet Management Corp, which jumped 9.3% after the firm reported fourth-quarter results and Parex Resources Inc, which rose 7.5% after multiple brokerages raised the price target of the stock.
* The materials sector, which includes precious and base metals miners and fertilizer companies, lost 0.5%.
* Resurgent worries about rising U.S. bond yields hit global shares as investors awaited remarks from Federal Reserve Chair Jerome Powell.
* Kinaxis Inc fell 15.5%, the most on the TSX, after the IT service provider reported fourth-quarter results and miner Hudbay Minerals Inc, down 4.9%, was the second biggest decliner.
* The financials sector gained 0.5%, while the industrials sector fell 0.2%.
* On the TSX, 125 issues were higher, while 91 issues declined for a 1.37-to-1 ratio favouring gainers, with 24.21 million shares traded.
* The most heavily traded shares by volume were Bombardier Inc, Suncor Energy Inc, and Talon Metals Corp.
* The TSX posted nine new 52-week highs and no new lows.
* Across all Canadian issues there were 22 new 52-week highs and seven new lows, with total volume of 55.72 million shares.
Written By: Reuters
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