TSX rises as energy stocks gain on higher oil prices

Canada's main stock index rose on Monday, as energy stocks gained on the back of higher oil prices.

At 9:33 a.m. ET (1333 GMT), the Toronto Stock Exchange's S&P/TSX Composite index was up 25 points, or 0.15pc, at 16,510.94.

Seven of the index's 11 major sectors were higher.

The energy sector climbed 0.2pc as oil prices rose on concerns that Iran's seizure of a British tanker last week may lead to supply disruptions in the energy-rich Gulf.

US crude prices were up 0.5pc, while Brent crude added 0.8pc.

The financials sector gained 0.1pc.

The materials sector, which includes precious and base metal miners and fertilizer companies, added 0.1pc as gold prices held steady.

Statistics Canada said wholesale trade fell 1.8pc in May after five months of gains, as sales in the motor vehicle and auto parts industries dropped.

Analysts in a Reuters poll had predicted an increase of 0.5pc in May from April. The national statistics agency said wholesale inventories increased for a ninth consecutive month, jumping 1.1pc, while sales volume decreased by 1.9pc.

On the TSX, 147 issues were higher, while 73 issues declined for a 2.01-to-1 ratio favouring gainers, with 6.45 million shares traded.

The top percentage gainers on the TSX were First Majestic Silver, which jumped 1.6pc followed by Home Capital Group , which rose 1.5pc.

SNC Lavalin fell 6.9pc, the most on the TSX, after the construction and engineering firm withdrew its forecast for 2019, on significantly lower results as it considers options for its resources unit and exits fixed-price contracts.

The most heavily traded shares by volume were Nemaska Lithium Inc, Royal Bank of Canada and Fission Uranium.

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

Across all Canadian issues there were 20 new 52-week highs and three new lows, with total volume of 13.79 million shares.