TSX gains on energy strength, upbeat earnings
Reuters
Published Oct 22, 2020 07:29
Updated Oct 22, 2020 10:24
(Reuters) - Canada's main stock index recouped early losses on Thursday, helped by energy stocks and upbeat earnings from Rogers Communications Inc (TO:RCIb) and Corus Entertainment Inc (TO:CJRb).
* The energy sector (SPTTEN) climbed 0.3% as U.S. crude (CLc1) prices were up 0.9% a barrel, while Brent crude (LCOc1) added 0.8%. [O/R]
* The largest percentage gainer on the TSX was Rogers Communications, which jumped 9.1% after the telecom operator beat estimates for third-quarter revenue.
* Its gains were followed by Corus Entertainment which rose 5.7% after the media company beat fourth-quarter profit estimates.
* At 9:43 a.m. ET (1343 GMT), the Toronto Stock Exchange's S&P/TSX composite index (GSPTSE) was up 42.92 points, or 0.26%, at 16,273.15.
* The materials sector (GSPTTMT), which includes precious and base metals miners and fertilizer companies, lost 1.0%.
* On the TSX, 129 issues were higher, while 87 issues declined for a 1.48-to-1 ratio favouring gainers, with 13.69 million shares traded.
* First Majestic Silver Corp (TO:FR) fell 2.8%, the most on the TSX, after National Bank of Canada slashed price target of the miner's stock and the second biggest decliner was Silvercorp Metals Inc (TO:SVM), down 2.5%.
* The most heavily traded shares by volume were those of Nevada Copper Corp (TO:NCU), Suncor Energy Inc (TO:SU), and CES Energy Solutions Corp (TO:CEU).
* The TSX posted two 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 25.66 million shares.
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Written By: Reuters
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