TSX gains on energy boost, surprise trade surplus

Canada's main stock index rose on Friday as energy stocks climbed on higher crude prices, with sentiment also buoyed by a surprise trade surplus in January.

The energy sector advanced 3.8% as US crude prices rose 2.9% a barrel, while Brent crude added 3.1%.

Canada posted a surprise trade surplus in January, the first since May 2019 and the largest since July 2014, mostly on a sharp increase in exports, Statistics Canada said.

At 9:36 a.m. ET (14:36 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 91.34 points, or 0.5%, at 18,217.06.

Meanwhile, Health Canada will announce the approval of Johnson & Johnson's single-dose COVID-19 vaccine on Friday, CBC News reported, citing sources.

The materials sector, which includes precious and base metals miners and fertilizer companies, added 0.5%

The financials sector gained 0.7%, while industrials rose 0.3%.

On the TSX, 158 issues were higher, while 55 issues declined for a 2.87-to-1 ratio favouring gainers, with 19.08 million shares traded.

The largest percentage gainers on the TSX were oil producer Vermilion Energy Inc, up 8.6%, and methanol producer Methanex Corp, which rose 7.2%.

Martinrea International Inc fell 10.2%, the most on the TSX, after the automobile parts producer's fourth-quarter results, followed by Kinaxis Inc, down 3.5% after multiple brokerages cut their price targets on the IT service provider's stock.

The most heavily traded shares by volume were Bombardier Inc, BCE Inc and Baytex Energy Corp.

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

Across all Canadian issues there were 25 new 52-week highs and five new lows, with total volume of 44.55 million shares.