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Markets

TSX climbs on upbeat earnings reports

  • The financials sector gained 0.8% as Royal Bank of Canada and National Bank of Canada jumped 2% and 1.6%, respectively,
  • The energy sector dropped 0.7% even as US crude prices gained 0.5% a barrel, while Brent crude added 0.2%.
26 Aug, 2020

Canada's main stock index rose on Wednesday, supported by gains in Royal Bank of Canada and National Bank of Canada after the lenders reported strong quarterly results.

The financials sector gained 0.8% as Royal Bank of Canada and National Bank of Canada jumped 2% and 1.6%, respectively, after both of them beat analysts' estimates for third-quarter profit.

At 9:37 a.m. ET (13:37 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 20.66 points, or 0.12%, at 16,638.14.

The energy sector dropped 0.7% even as US crude prices gained 0.5% a barrel, while Brent crude added 0.2%.

The materials sector, which includes precious and base metals miners and fertilizer companies, added 0.2% despite gold futures shedding 0.1% to $1,909.7 an ounce.

On the TSX, 81 issues were higher, while 125 issues declined for a 1.54-to-1 ratio to the downside, with 9.27 million shares traded.

The largest percentage gainer on the TSX was Hudbay Minerals Inc, which jumped 3.4% after brokerage Credit Suisse raised its price target for the mining company's stock.

Its gains were followed lumber producer Canfor Corporation , which rose 2.5%.

Port services company Westshore Terminals Investment Corp fell 13.6%, the most on the TSX, and the second-biggest decliner was media company Corus Entertainment Inc, down 3.3%.

The most heavily traded shares by volume were Northern Dynasty Minerals Ltd, Royal Bank of Canada, and Toronto-Dominion Bank.

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

Across all Canadian issues there were 25 new 52-week highs and four new lows, with total volume of 19.24 million shares.

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