TSX rises on energy boost, Fed's dovish stance
- Toronto Stock Exchange's S&P/TSX composite index was up 35.84 points, or 0.19%, at 19,392.79, easing from an intraday record high touched earlier in the session.
- Seven of the index's 11 major sectors were trading higher, led by the energy sector that climbed 2.5%.
Canada's main stock index rose on Thursday, boosted by energy shares that tracked firmer oil prices on demand recovery forecast, while the US Federal Reserve's dovish policy stance lifted appetite for risk assets globally.
The US central bank on Wednesday showed optimism about domestic economic recovery, but said it was too early to consider rolling back its emergency support with so many workers still left jobless by the pandemic.
At 9:47 a.m. ET (1347 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 35.84 points, or 0.19%, at 19,392.79, easing from an intraday record high touched earlier in the session.
Shares of Transat AT jumped 9% after the struggling Canadian tour operator said it would borrow up to C$700 million ($569.71 million) from the government and use a portion of the funds to reimburse customers whose travel plans had to be canceled.
Seven of the index's 11 major sectors were trading higher, led by the energy sector that climbed 2.5%.
The largest percentage gainers on the TSX were Vermilion Energy, which jumped 7% after posting upbeat first quarter results and Meg Energy Corp, which rose 4.4%.
The financials sector gained 0.5% while the industrials sector rose 0.3%.
The materials sector, which includes precious and base metals miners and fertilizer companies, lost 0.9% as gold futures fell 0.5% to $1,764.7 an ounce.
IT services provider Real Matters Inc fell 7%, the most on the TSX, after a series of price target cuts. The second-biggest decliner was copper miner Lundin Mining Corp , down 5.5% after downbeat first-quarter results.
On the TSX, 141 issues were higher, while 85 issues declined for a 1.66-to-1 ratio favouring gainers, with 21.91 million shares traded.
The most heavily traded shares by volume were Zenabis Global Inc, down 8%; Baytex Energy Co, up 6.8% and Suncor Energy, up 2.7%.
The TSX posted 21 new 52-week highs and no new lows.
Across all Canadian issues, there were 110 new 52-week highs and 12 new lows, with total volume of 51.00 million shares.
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