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Markets

Energy stocks lift TSX as oil prices rise

  • Toronto Stock Exchange's S&P/TSX composite index was up 40.42 points, or 0.2%, at 20,042.69.
  • On the TSX, 138 issues were higher, while 85 issues declined for a 1.62-to-1 ratio favouring gainers, with 23.05 million shares traded.
10 Jun 2021

Canada's main stock index rose on Thursday after energy stocks gained on the back of higher oil prices, a day after the central bank left its key interest rate unchanged.

Oil prices rose about 0.8% after slipping in the previous session on data indicating weak US driving season fuel demand as investors eyed upcoming US economic data.

That helped the energy sector rise 0.8%.

At 9:47 a.m. ET (1347 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 40.42 points, or 0.2%, at 20,042.69.

The materials sector, which includes precious and base metals miners and fertilizer companies, added 0.4%.

The Bank of Canada on Wednesday left its key interest rate unchanged at a record low 0.25%, as expected, and said the economy would "rebound strongly" as vaccinations against COVID-19 picked up.

On the TSX, 138 issues were higher, while 85 issues declined for a 1.62-to-1 ratio favouring gainers, with 23.05 million shares traded.

The largest percentage gainer on the TSX was Transcontinental Inc, which jumped 8.1%, after several brokerages, including Scotiabank and National Bank of Canada, raised their price targets on the stock.

Tilray Inc led declines on the TSX with a 3.3% fall, and Westport Fuel was the second biggest decliner, down 1.8%.

The most heavily traded shares by volume were Canadian Natural Resources, Crescent Pint Energy Corp and Hut 8 Mining Corp.

The TSX posted 14 new 52-week highs and no new low.

Across all Canadian issues there were 81 new 52-week highs and six new lows, with total volume of 42.66 million shares.