TSX gains on oil price surge as Saudi pledges production cuts
Reuters
Published May 12, 2020 10:39
(Reuters) - Canada's main stock index rose on Tuesday, steered by energy stocks as oil prices gained on Saudi Arabia's unexpected commitment to extend production cuts in June to help drain a supply glut built up due the coronavirus crisis.
* At 9:47 a.m. ET (13:47 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 39.88 points, or 0.26%, at 15,143.1.
* The energy sector climbed 1.8% as U.S. crude prices rose 5.7% a barrel, while Brent crude gained 2.3%. [O/R]
* The financials sector gained 0.1%, while the industrials sector fell 0.3%.
* The materials sector, which includes precious and base metals miners and fertilizer companies, added 0.7% as gold futures rose 0.3% to $1,700 an ounce. [GOL/]
* On the TSX, 116 issues rose and 103 fell for a 1.13-to-1 ratio favouring gainers, with 22.60 million shares traded.
* The largest percentage gainers on the TSX were technology and network management company Real Matters Inc (TO:REAL), which jumped 4.8%, and Canadian Natural Resources Ltd (TO:CNQ), which rose 3.4%.
* Aurora Cannabis Inc (TO:ACB) fell 4.8%, the most on the TSX, after two brokerages lowered their price target on the stock.
* The second-biggest decliner was fleet management company Element Fleet Management Corp (TO:EFN), down 4.3%, after multiple brokerages cut price target on the stock.
* The most heavily traded shares by volume were Freegold Ventures Ltd (TO:FVL), down 5.9%; B2gold Corp (TO:BTO), up 1.0% and Bombardier Inc (TO:BBDb), up 1.2%.
* The TSX posted four new 52-week highs and no new lows.
* Across all Canadian issues there were 16 new 52-week highs and two new lows, with total volume of 45.26 million shares.
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Written By: Reuters
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