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Markets

Energy stocks lift TSX as crude oil jumps on supply concerns

  • The energy sector climbed 1.2%, as US crude prices jumped 3.6% and Brent crude added 3.3%.
  • Toronto Stock Exchange's S&P/TSX composite index was up 29.14 points, or 0.16%, at 18,680.24.
26 Mar, 2021

Canada's main stock index rose on Friday, helped by energy stocks as crude prices gained on concerns it could take weeks to dislodge a giant container ship blocking the Suez Canal.

The energy sector climbed 1.2%, as US crude prices jumped 3.6% and Brent crude added 3.3%.

At 19:11 a.m. ET (13:41 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 29.14 points, or 0.16%, at 18,680.24.

Budget balance data for January is due at 11:00 a.m. ET.

The largest percentage gainers on the TSX were oil producer MEG Energy Corp, which jumped 4.3%, and BRP Inc, which rose 3.5% after multiple brokerages raised their prices targets on the all-terrain vehicle maker's stock.

The materials sector, which includes precious and base metals miners and fertilizer companies, added 0.3%.

On the TSX, 129 issues were higher, while 92 issues declined for a 1.40-to-1 ratio favouring gainers, with 20.16 million shares traded.

Telecom service provider Telus Corp fell 4.1%, the most on the TSX, after an equity offering announcement. The second-biggest decliner was automobile parts maker Westport Fuel Systems Inc, down 1.9%.

The most heavily traded shares by volume were Power Corporation of Canada, Telus, and TC Energy Corp .

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

Across all Canadian issues there were 24 new 52-week highs and one new low, with total volume of 34.96 million shares.

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