TSX boosted by energy, gold stocks

Canada's main stock index rose on Tuesday, driven by gains in energy and gold stocks as underlying commodity prices gained, while investors awaited key US economic data due later this week.

The energy sector climbed 3.5% as US crude jumped 3%, while Brent crude added 2.2%.

The materials sector, which includes precious and base metals miners and fertilizer companies, added 1.5% as gold futures rose 0.3% to $1,908.7 an ounce.

At 09:37 a.m. ET (13:37 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 237.82 points, or 1.21%, at 19,968.81.

Canada's economy grew 5.6% on an annualized basis in the first quarter but likely contracted in April for the first time in a year as strict public health measures weighed, Statistics Canada data showed.

Shares of Canopy Growth Corp, rose 0.5% after the company's chief executive officer reassured investors that the world's most valuable pot producer was on track to be profitable within a year.

Pembina Pipeline Corp fell 3.7% after saying it would buy rival Inter Pipeline Ltd in an all-stock C$8.3 billion ($6.90 billion) deal to create one of Canada's top oil and gas transportation companies.

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

On the TSX, 208 issues were higher, while 16 issues declined for a 13.00-to-1 ratio favouring gainers, with 23.64 million shares traded.

The largest percentage gainers on the TSX were Westport Fuel Systems, which jumped 8.6%, and Blackberry Ltd , which rose 6.5% on the back of a rally in meme stocks.

Pembina Pipeline fell 3.9%, the most on the TSX. The second biggest decliner was Oceanagold Corp, down 1.2%.

The most heavily traded shares by volume were Cenovus Energy, Blackberry Ltd and Baytex Energy Co . The TSX posted 17 new 52-week highs and no new lows.

Across all Canadian issues there were 81 new 52-week highs and 12 new lows, with total volume of 41.89 million shares.