TSX gains on energy boost, recovery hopes

Canada's main stock index rose on Tuesday as energy stocks gained on higher oil prices, with sentiment also supported by hopes for an economic recovery from a coronavirus-fueled slump.

At 9:40 a.m. ET (13:40 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 64.89 points, or 0.43pc, at 15,301.1.

The energy sector climbed 2.6pc as U.S. crude prices gained 1.2pc, while Brent crude added 1.6pc.

Oil prices rose to near three-month highs on expectations that major producers would agree to extend output cuts, in a bid to recover crude demand.

The financials sector gained 1.4pc, while the industrials sector fell 0.1pc.

The materials sector, which includes precious and base metals miners and fertilizer companies, lost 1.3pc as gold futures fell 0.1pc to $1,736.4 an ounce.

On the TSX, 145 issues were higher, while 82 issues declined for a 1.77-to-1 ratio favoring gainers, with 19.73 million shares traded.

The largest percentage gainer on the TSX was Blackberry Ltd, which jumped 5.7pc after the enterprise software and services provider named Thomas Eacobacci as president.

Its gains were followed by oil producer MEG Energy Corp , which rose 5.0pc.

WSP Global Inc fell 4.3pc, the most on the TSX, after the company announced public offering of its common shares worth $437 million.

The second-biggest decliner was First Majestic Silver Corp , down 2.9pc.

The most heavily traded shares by volume were Royal Nickel Corp, up 1.9pc; Hexo Corp, down 1.1pc, and Bombardier Inc, up 1.1pc.

The TSX posted three new 52-week highs and no new lows.

Across all Canadian issues there were 16 new 52-week highs and one new low, with total volume of 40.51 million shares.