TSX rises as housing starts point to recovery
Reuters
Published Aug 11, 2020 08:27
Updated Aug 11, 2020 12:00
(Reuters) - Canada's main stock index rose on Tuesday as housing starts gained in July, bolstering hopes of an economic rebound from the COVID-19 pandemic.
* Canadian housing starts climbed 15.8% in July as groundbreaking increased on multiple-unit and single-family urban homes.* The Canadian dollar rose against its broadly weaker U.S. counterpart on Tuesday as the prospect of U.S. economic stimulus bolstered oil prices and domestic data showed an unexpected jump in housing starts.* Canada Goose Holdings Inc fell 6.5% after the apparel maker said it would cut production and open fewer new stores this year to tackle coronavirus-induced strain on its business.
* At 9:42 a.m. ET (1342 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 12.75 points, or 0.08%, at 16,618.25.
* The energy sector climbed 3.7% as U.S. crude prices were up 2.0% a barrel, while Brent crude added 1.4%. [O/R]
* The financials sector gained 1.3%. The industrials sector rose 0.4%.
* The materials sector, which includes precious and base metals miners and fertilizer companies, lost 3.5% as gold futures fell 3.9% to $1,944.8 an ounce.[GOL/]
* On the TSX, 133 issues were higher, while 84 issues declined for a 1.58-to-1 ratio favouring gainers, with 29.05 million shares traded.
* The largest percentage gainers on the TSX were Whitecap Resources Inc (TO:WCP), up 6%, and Imperial Oil Ltd (TO:IMO), which rose 5%.
* Silvercorp Metals Inc (TO:SVM) fell 7.4%, the most on the TSX. The second-biggest decliner was Pan American Silver Corp (TO:PAAS), down 6.8% after Deutsche Bank (DE:DBKGn) cut its recommendation to "hold" from "buy".
* The most heavily traded shares by volume were Baytex Energy Co (TO:BTE), Kinross Gold Corp (TO:K) and Bombardier Inc (TO:BBDb).
* The TSX posted five new 52-week highs and no new lows.
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* Across all Canadian issues, there were 17 new 52-week highs and seven new lows, with total volume of 67.19 million shares.
Written By: Reuters
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