TSX gains as factory sales rise for third straight month

Canada's main stock index gained on Tuesday as domestic factory sales rose for a third straight month in July, signaling that a post-pandemic economic rebound was on track.

Canadian factory sales rose 7.0% in July from June, helped by motor vehicle, petroleum and coal sales, Statistics Canada said on Tuesday.

At 9:39 a.m. ET (1339 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 125.01 points, or 0.76%, at 16,485.15.

The energy sector climbed 2.0% as US crude prices were up 0.8% a barrel, while Brent crude added 0.7%.

The financials and industrials sectors gained 0.4% and 1.2%, respectively.

The materials sector, which includes precious and base metals miners and fertilizer companies, added 0.8% as gold futures rose 0.8% to $1,968.5 an ounce.

The largest percentage gainer on the TSX was First Quantum Minerals Ltd, which jumped 5.7% a day after saying it planned on expanding operations at the Kansanshi mine in Zambia, Africa's biggest copper mine.

MAG Silver Corp fell 2.0%, the most on the TSX, while the second biggest decliner was First Majestic Silver Corp , down 1.1%.

The most heavily traded shares by volume were Canadian Natural Resources Ltd, BCE Inc and Suncor Energy.

On the TSX, 191 issues were higher, while 24 issues declined for a 7.96-to-1 ratio favoring gainers, with 20.89 million shares traded.

The TSX posted five new 52-week highs and no new low.

Across all Canadian issues there were 16 new 52-week highs and one new low, with total 34.05 million shares traded.