TSX hits record high on energy boost
- The energy sector climbed 1% tracking crude prices, which were buoyed by expectations that demand will recover rapidly in the second half of 2021.
- Toronto Stock Exchange's S&P/TSX composite index was up 77.55 points, or 0.38%, at 20,235.2, an all-time high.
Energy shares pushed Canada's main stock index to a record high on Tuesday, as investors eyed the US Federal Reserve's meeting this week for cues on the tapering of its monetary policy.
The energy sector climbed 1% tracking crude prices, which were buoyed by expectations that demand will recover rapidly in the second half of 2021.
The Fed kicks off its two-day meeting on Tuesday, and officials are faced with ongoing tension between their two main goals, as inflation rises faster than expected even with millions of Americans still unemployed.
At 9:38 a.m. ET (1338 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 77.55 points, or 0.38%, at 20,235.2, an all-time high.
Producer prices in Canada most likely rose 3.1% in May from April, pushed higher mainly by softwood lumber, Statistics Canada said in a preliminary flash estimate.
The materials sector, which includes precious and base metals miners and fertilizer companies, lost 0.4%.
On the TSX, 163 issues were higher, while 61 issues declined for a 2.67-to-1 ratio favoring gainers, with 17.47 million shares traded.
The largest percentage gainer on the TSX was BRP Inc , which jumped 4.6%, after the insurance distribution company issued a $350 million worth substantial issuer bid.
Its gains were followed by Aritzia Inc, which rose 4.5%, after the apparel retailer acquired 75% of the athletic apparel maker Reigning Champ in deal worth $63 million
Miners First Quantum Minerals Ltd and Hudbay Minerals Inc, fell the most on the TSX, down 4.1% and 3%, respectively.
The most heavily traded shares by volume were Canadian Natural Resources Limited, BCE Inc and Auxly Cannabis Group Inc.
The TSX posted 18 new 52-week highs and no new low.
Across all Canadian issues there were 102 new 52-week highs and five new lows, with total volume of 32.21 million shares.
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