TSX rises on boost from energy, mining firms
- The energy sector climbed 2% as crude prices gained on rising demand in the northern hemisphere's summer driving season.
- The materials sector, which includes precious and base metals miners and fertilizer companies, added 0.6% as gold futures rose 0.3% to $1,773.2 an ounce.
Canada's main stock index rose on Monday, as gains in energy and mining stocks helped the index bounce back from last week's losses triggered by hawkish comments from the US Federal Reserve.
The energy sector climbed 2% as crude prices gained on rising demand in the northern hemisphere's summer driving season.
The materials sector, which includes precious and base metals miners and fertilizer companies, added 0.6% as gold futures rose 0.3% to $1,773.2 an ounce.
At 09:41 a.m. ET (13:41 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 81.71 points, or 0.41%, at 20,081.3. Last week, the index shed around 0.7% as global equities weakened after the US Fed signaled it could raise rates earlier than expected.
The financials sector gained 0.7%. The industrials sector rose 0.2%.
On the TSX, 153 issues were higher, while 76 issues declined for a 2.01-to-1 ratio favoring gainers, with 15.81 million shares traded.
Oil producer MEG Energy Corp led gains on the TSX with a 6.4% jump after brokerage BMO raised its price target on the stock. Miner Turquoise Hill Resources Ltd, up 3.6%, was the second-biggest percentage gainer.
Lundin Mining Corp fell 8.9%, the most on the TSX, after the miner cut its annual production outlook for the Canderlaria mining complex.
The second-biggest decliner was OrganiGram Holdings Inc , down 2.2%.
The most heavily traded shares by volume were Canadian Natural Resources Limited, First Mining Gold Corp and Lundin Mining Corp.
The TSX posted five new 52-week highs and no new lows.
Across all Canadian issues, there were 22 new 52-week highs and 11 new lows, with total volume of 32 mln shares.
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