Energy gains help TSX shrug off weak start
Reuters
Published Dec 17, 2019 10:47
(Reuters) - Canada's main stock index edged higher on Tuesday, set to post its fourth straight session of gains, as energy shares were lifted by higher oil prices.
* The energy sector jumped nearly 2% after oil prices rose above $65 a barrel, supported by hopes that the U.S.-China trade deal will bolster oil demand in 2020 and the prospect of lower U.S. crude supplies. [O/R]
* The main index opened lower, with declines led by Canfor Corp which tumbled 21%, after it rejected Great Pacific Capital Corp's proposal to take it private.
* At 10:18 a.m. ET (1518 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 11.26 points, or 0.07%, at 17,067.62.
* Six of the 11 major sectors were trading lower.
* Weighing on sentiment was data that showed Canadian factory sales decreased in October on lower sales in transportation equipment and fabricated metal products.
* The lower activity at auto assembly plants and parts plants was due in part to the United Auto Workers strike in the United States.
* On the TSX, 125 issues were higher, while 99 issues declined for a 1.26-to-1 ratio favoring gainers, with 32.23 million shares traded.
* The largest percentage gainers on the TSX were Whitecap Resources (TO:WCP), which jumped 4.2% and Baytex Energy Co (TO:BTE), which rose 4%.
* The most heavily traded shares by volume were Aurora Cannabis (TO:ACB), Touchstone Exploration (TO:TXP) and Nemaska Lithium (TO:NMX).
* The TSX posted five new 52-week highs and no new low.
* Across all Canadian issues there were 72 new 52-week highs and seven new lows, with total volume of 56.57 million shares.
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Written By: Reuters
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