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Markets

TSX rises as energy stocks track stronger crude prices

  • The energy sector climbed 1.8% as US crude prices were up 2.5% a barrel, while Brent crude added 2.3%
  • Toronto Stock Exchange's S&P/TSX composite index was up 125.16 points, or 0.63%, at 20,067.87
Updated 21 Jul 2021

Canada's main stock index extended gains on Wednesday, after rising by the most in nearly two months in the previous session, as energy stocks benefited from higher oil prices.

The energy sector climbed 1.8% as US crude prices were up 2.5% a barrel, while Brent crude added 2.3%.

At 9:40 a.m. ET (13:40 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 125.16 points, or 0.63%, at 20,067.87.

Great-West Lifeco Inc (Lifeco) rose 1.26% after the insurer said its US unit would buy Prudential Financial Inc's full-service retirement business for about C$4.45 billion ($3.51 billion) in one of its biggest deals yet.

TSX eyes worst day in 5 months as energy stocks drop

The financials sector gained 1%. The industrials sector rose 0.5%.

The materials sector, which includes precious and base metals miners and fertilizer companies, added 0.3% even as gold futures fell 0.2% to $1,807 an ounce.

On the TSX, 182 issues were higher, while 46 issues declined for a 3.96-to-1 ratio favoring gainers, with 10.94 million shares traded.

The largest percentage gainers on the TSX were Vermilion Energy Inc, which jumped 3.4% after JPMorgan raised price target for the oil producer's stock, and miner Lithium Americas Corp, which rose 3.2%.

Medical marijuana company OrganiGram Holdings Inc fell 1.2%, the most on the TSX, and the second-biggest decliner was gold miner Wesdome Gold Mines Ltd, down 1.1%.

TSX eyes weekly loss on energy tumble

The most heavily traded shares by volume were Bombardier Inc, and Baytex Energy Co.

The TSX posted no new 52-week highs and no new lows.

Across all Canadian issues there were 18 new 52-week highs and 11 new lows, with total volume of 23.62 million shares.