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Markets

TSX rises on energy boost

  • The energy sector climbed 1.0% as US crude prices were up 0.2% a barrel, while Brent crude was unchanged.
  • Toronto Stock Exchange's S&P/TSX composite index was up 115.01 points, or 0.59%, at 19,642.31.
Published May 25, 2021

Canada's main stock index rose on Tuesday, powered by gains in energy stocks as oil prices rose on easing expectations of higher supply from crude exporter Iran.

The energy sector climbed 1.0% as US crude prices were up 0.2% a barrel, while Brent crude was unchanged.

At 09:18 a.m. ET (13:48 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 115.01 points, or 0.59%, at 19,642.31.

The Canadian dollar edged lower against its broadly weaker US counterpart as domestic data showed a likely drop for manufacturing sales in April, but the currency stayed within reach of last week's 6-year high.

Steelmaker Algoma Steel is becoming a publicly listed company through a merger agreed with New York-based blank-check firm Legato Merger Corp in a deal that will value the combined company at more than $1 billion.

The financials sector gained 0.7%. The industrials sector rose 0.8%.

The materials sector, which includes precious and base metals miners and fertilizer companies, lost 0.2% as gold futures were down 0.2% an ounce.

On the TSX, 118 issues were higher, while 106 issues declined for a 1.11-to-1 ratio favoring gainers, with 23.87 million shares traded.

The largest percentage gainers on the TSX were Ivanhoe Mines Ltd, which jumped 6.2%, and Toromont Industries , which rose 5.4%.

Finning International Inc fell 6.5%, the most on the TSX, after BMO cut its target price.

The second-biggest decliner was Trillium Therapeutics , down 3.1%.

The most heavily traded shares by volume were Air Canada and The Supreme Cannabis Company.

The TSX posted 16 new 52-week highs and no new lows.

Across all Canadian issues there were 81 new 52-week highs and 7 new lows, with total volume of 51.02 million shares.

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