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Markets

Energy stocks lift Toronto shares; tech stocks track Nasdaq gains

  • Toronto Stock Exchange's S&P/TSX composite index was up 0.28%, with the energy index jumping 1.3%
24 Aug, 2021

Energy stocks outperformed the main Canadian market on Tuesday as oil prices extended a rebound from their worst week in nine months, while technology stocks tracked a rise in the US tech-heavy Nasdaq to record highs.

At 10:04 a.m. ET, the Toronto Stock Exchange's S&P/TSX composite index was up 0.28%, with the energy index jumping 1.3%.

Financial stocks - the sector with the heaviest weight on the index - rose about 0.1% as Bank of Nova Scotia and Bank of Montreal reported upbeat quarterly results.

Colin Cieszynski, chief market strategist at SIA Wealth Management, said improving risk sentiment toward North American equities was helping fuel gains on the TSX.

Oil up 2% on brighter demand outlook and Mexican outage

"Banks had come off a little bit earlier this month and now they're bouncing back so they're getting good fundamentals support forward," he said.

Canada's main stock index is on track for its seventh straight monthly increase, even as data points to a slowdown in global economic growth.

Canadian factory sales most likely fell by 1.2% in July, pulled down by lower sales in the wood product and petroleum and coal product industries, Statistics Canada said in a flash estimate on Tuesday.

Still, Toronto-listed technology stocks jumped 1.0% to an all-time high as the US tech-heavy Nasdaq climbed ahead of the Federal Reserve's annual Jackson Hole symposium later this week.

HIGHLIGHTS

E-commerce giant Shopify Inc jumped 3.8% to the top of the TSX after it introduced new in-app shopping experiences on short-form video app TikTok.

Oil rebound lifts Toronto stocks; Trillium soars on Pfizer deal

Gold miners OceanaGold Corp and New Gold led declines on weakness in gold prices earlier in the day.

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

Across all Canadian issues there were 56 new 52-week highs and three new lows, with total volume of 48.75 million shares.

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