TSX extends gains as gold prices rise, set to rise for third week

Canada's main stock index extended its rise on Friday after hitting a record high a day earlier as gold prices advanced, and was set to gain for a third straight week.

At 9:40 a.m. ET (13:38 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 24.24 points, or 0.1%, at 19,326.16.

The Canadian economy is likely to grow at a slower pace in this quarter and the next than previously expected, but tighter lockdown restrictions from another wave of coronavirus were unlikely to derail the economic recovery, a Reuters poll showed.

The energy sector climbed 0.6% even as US crude prices slipped 0.1% a barrel. Brent crude added 0.1%.

The materials sector, which includes precious and base metals miners and fertilizer companies, added 0.3% as gold futures rose 0.7% to $1,777.9 an ounce.

The financials sector gained 0.2%. The industrials sector rose 0.1%.

On the TSX, 117 issues advanced, while 102 issues declined in a 1.15-to-1 ratio favoring gainers, with 14.26 million shares traded.

The largest percentage gainers on the TSX were Cascades Inc, which jumped 4.2%, and Ballard Power Systems , which rose 2.9%.

Lghtspeed POS fell 5.6%, the most on the TSX, while the second biggest decliner was goeasy, down 4.9%.

The most heavily traded shares by volume were Zenabis Global Inc, Bombardier and Royal Bank of Canada.

The TSX posted 23 new 52-week highs and no new low.

Across Canadian issues, there were 160 new 52-week highs and 12 new lows, with total volume of 29.68 million shares.