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Markets

TSX gains on upbeat wholesale estimates, Corus Entertainment boost

  • The Toronto Stock Exchange's S&P/TSX composite index was up 30.1 points, or 0.18%, at 16,309.46.
  • The nation's wholesale sales in September most likely increased by 0.4% after rising 0.3% in August, Statscan said in a flash estimate.
23 Oct 2020

Canada's main stock index rose on Friday, helped by encouraging estimates of domestic wholesale data and gains in Corus Entertainment Inc after multiple brokerages went bullish on the stock following a strong quarterly result.

At 9:36 a.m. ET (1336 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 30.1 points, or 0.18%, at 16,309.46.

The nation's wholesale sales in September most likely increased by 0.4% after rising 0.3% in August, Statscan said in a flash estimate.

Media company Corus Entertainment Inc was the largest percentage gainer on the index, jumping 9.5% after multiple brokerages raised their price targets on its stock following upbeat quarterly results.

Canfor Corp was the next big gainer, rising 3.7% after the company posted third-quarter earnings above analysts' estimates.

The energy sector shed its initial gains and dropped 0.2%, even as US crude prices ticked up 0.2% a barrel and Brent crude added 0.1%.

The materials sector, which includes precious and base metals miners and fertilizer companies, lost 0.6% even though gold futures rose 0.3% to $1,907.4 an ounce.

On the TSX, 139 issues were higher, while 78 issues declined for a 1.78-to-1 ratio favouring gainers, with 9.93 million shares traded.

Blackberry Ltd fell 2.1%, the most on the TSX, and the second-biggest decliner was Lundin Gold Inc, down 2.1%.

The most heavily-traded shares by volume were Echelon Financial Holdings Inc, Bombardier Inc, and Air Canada.

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

Across all Canadian issues there were eight new 52-week highs and two new lows, with a total volume of 19.02 million shares.