TSX gains on stimulus hopes

• The Toronto Stock Exchange's S&P/TSX composite index was up 13.55 points, or 0.09pc, at 15,161.67.
• The energy sector climbed 0.1pc despite US crude prices falling 2.5pc a barrel and Brent crude dropping 2.4pc.
• The financials sector gained 2.3pc and the industrials sector fell 0.3pc.

Canada's main stock index opened higher on Wednesday after Bank of Canada Governor Stephen Poloz lifted expectations for further monetary support to help tide the economy through the coronavirus crisis.

Since the outbreak, the central bank has cut its primary interest rate three times to a record low of 0.25pc and launched its first-ever large-scale bond buying program to ease tension in the financial market.

At 9:42 a.m. ET (1340 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 13.55 points, or 0.09pc, at 15,161.67.

The energy sector climbed 0.1pc despite US crude prices falling 2.5pc a barrel and Brent crude dropping 2.4pc.

The financials sector gained 2.3pc and the industrials sector fell 0.3pc.

The value of Canadian building permits dropped by 17.1pc in April, the largest decline since October 2008, Statistics Canada said on Wednesday, as the pandemic forced officials to shut down non-essential construction.

The materials sector, which includes precious and base metals miners and fertilizer companies, lost 2.1pc.

On the TSX, 83 issues were higher, while 145 issues declined for a 1.75-to-1 ratio to the downside, with 69.97 million shares traded.

The largest percentage gainer on the TSX was the sport apparel maker BRP Inc, which gained 5.1pc, followed by MTY Food Group Inc that rose 4.9pc.

E-commerce company Shopify Inc fell 5.9pc, the most on the TSX.

The second-biggest decliner was Air Canada, down 5.9pc, after the airlines company announced share offerings of more than $1 billion to boost cash position amid the coronavirus crisis.

The most heavily traded shares by volume were Green Organic Dutchman Holdings Ltd, Air Canada and Hexo Corp.

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

Across all Canadian issues, there were four new 52-week highs and one new low, with total volume of 43.69 million shares.