Home »Markets » Equity » Americas » TSX gains with rebound in financial stocks

TORONTO: Canada's main stock index turned positive after hitting a five-month low in morning trade on Thursday, boosted by a rebound in heavyweight financial stocks, while mining stocks were lower, along with prices of commodity metals.

Shares of the country's largest bank, Royal Bank of Canada , rose 1.1 percent to C$92.54 and its biggest life insurer, Manulife Financial Corp, jumped 1.7 percent to C$23.10 a day after the financial sector slid on worries that US President Donald Trump's pro-business economic agenda could be slowed by political scandals.

At 10:27 a.m. ET (1427 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 35.31 points, or 0.23 percent, to 15,308.99.

It had earlier fallen to 15,164.73, its lowest level since Dec. 7.

Nine of the 10 main sectors were higher, although decliners slightly outnumbered advancers.

The index's materials group, which includes precious and base metals miners and fertilizer companies, lost 1.9 percent.

The Trump uncertainty continued to weigh on copper prices, which hit a one-week low, as expectations of US infrastructure spending plans were undermined.

First Quantum Minerals Ltd declined 3.1 percent to C$11.5 and Teck Resources Ltd fell 1.9 percent to  C$24.11. HudBay Minerals Inc shed 4 percent to C$6.95.

Gold prices edged lower after notching their biggest one-day spike since Britain voted to leave the European Union on Wednesday.

Barrick Gold lost 2.5 percent to C$22.67 and Goldcorp Inc fell 2.8 percent to C$18.87.


Copyright Reuters, 2017

the author

Leave a Reply

Your email address will not be published. Required fields are marked *