TSX hits record high on strong earnings, energy stocks
- Royal Bank of Canada (RBC) and Canadian Imperial Bank of Commerce rose 0.7% and 1.3%, respectively, while Toronto-Dominion Bank fell 0.2%.
- The energy sector climbed 0.9% as US crude prices were up 0.1% a barrel, while Brent crude lost 0.2%.
Canada's main stock index touched a record high on Thursday as better-than-expected quarterly profits from major lenders helped drive gains in most sectors, while shares of energy producers shrugged off a decline in oil prices.
Royal Bank of Canada (RBC) and Canadian Imperial Bank of Commerce rose 0.7% and 1.3%, respectively, while Toronto-Dominion Bank fell 0.2%.
The energy sector climbed 0.9% as US crude prices were up 0.1% a barrel, while Brent crude lost 0.2%.
At 9:41 a.m. ET (13:41 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 49.22 points, or 0.25%, at 19,794.69.
Canada's trailblazing central bank is likely to cut its bond-buying program again this year, possibly as soon as July, as provinces ease curbs to contain the COVID-19 pandemic and inflation pressures build, analysts said.
The financials sector gained 0.7%. The industrials sector rose 0.6%.
The materials sector, which includes precious and base metals miners and fertilizer companies, lost 0.4% as gold futures fell 0.4% to $1,893.2 an ounce.
On the TSX, 118 issues were higher, while 101 issues declined for a 1.17-to-1 ratio favouring gainers, with 22.82 million shares traded.
The largest percentage gainers on the TSX were Enerplus Corp, which jumped 2.5%, and Canaccord Genuity Group , which rose 2.4%.
Endeavour Silver Corp fell 2.9%, the most on the TSX. The second biggest decliner was Village Farms International Inc, down 2.9%.
The most heavily traded shares by volume were Great-West Lifeco, Sun Life Financial and Blackberry Ltd .
The TSX posted 11 new 52-week highs and no new lows.
Across all Canadian issues there were 70 new 52-week highs and five new lows, with total volume of 37.71 million shares.
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