TSX gains as energy stocks jump on vaccine cheer
Reuters
Published Nov 16, 2020 07:42
Updated Nov 16, 2020 10:36
(Reuters) - Canada's main stock index rose on Monday, as energy stocks jumped 3% tracking oil prices, after U.S. drugmaker Moderna Inc said its experimental vaccine was 94.5% effective in preventing COVID-19.
Moderna Inc (O:MRNA) became the second U.S. company in a week to report positive results from its COVID-19 vaccine trial, which raised hopes of a quicker economic recovery from a pandemic-led recession.
Adding to the upbeat mood, Canada's factory sales increased by 1.5% in September from August on higher sales in the wood industry, as well as the chemical industry, Statistics Canada said.
Crude prices rose about 4% and boosted energy stocks (SPTTEN), with oil producer Parex Resources Inc (TO:PXT), up 6.1%, leading gains.
At 9:41 a.m. ET (1441 GMT), the Toronto Stock Exchange's S&P/TSX composite index (GSPTSE) was up 60.24 points, or 0.36%, at 16,735.88.
The materials sector (GSPTTMT), which includes precious and base metals miners, lost 0.5% as gold prices fell.
Fortuna Silver Mines Inc (TO:FVI) fell 4.9%, the most on the TSX, after Canaccord Genuity downgraded the stock
The second biggest decliner was Endeavour Mining Corp (TO:EDV), down 3.7%, after the miner agreed to buy Teranga Gold (TO:TGZ) in deal worth $2.4 billion.
On the TSX, 137 issues were higher, while 84 issues declined for a 1.63-to-1 ratio favouring gainers, with 29.95 million shares traded.
H&R Real Estate Investment Trust (TO:HR_u) rose 5.7% after TD Securities raised its price target on the real estate investment trust's stock.
The most heavily traded shares by volume were Manulife Financial Corp (TO:MFC), Air Canada (TO:AC) and Suncor Energy Inc (TO:SU).
The TSX posted four new 52-week highs and no new low.
Across all Canadian issues there were 52 new 52-week highs and three new lows, with total volume of 53.36 million shares.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.