Energy stocks lift TSX as oil prices gain

  • "The China Trade Deal is fully intact. Hopefully, they will continue to live up to the terms of the Agreement."
  • The financials sector gained 1.1%. The industrials sector rose 0.8%.
23 Jun, 2020

Canada's main stock index rose on Tuesday, driven by the heavyweight energy sector as oil prices climbed, while investor sentiment was also bolstered by US President Donald Trump's assurance that the trade deal with China was intact.

"The China Trade Deal is fully intact. Hopefully, they will continue to live up to the terms of the Agreement," Trump said in a tweet.

The energy sector climbed 2.1% as US crude prices gained 0.8% and Brent crude added 0.9% on signs of demand recovery.

At 09:38 a.m. ET (13:38 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 144.82 points, or 0.93%, at 15,661.72.

The financials sector gained 1.1%. The industrials sector rose 0.8%.

The materials sector, which includes precious and base metals miners and fertilizer companies, added 1.1% as gold futures rose 0.3% to $1,761.7 an ounce.

On the TSX, 196 issues were higher, while 18 issues declined for a 10.89-to-1 ratio favouring gainers, with 12.31 million shares traded.

The largest percentage gainer on the TSX was First Quantum Minerals Ltd, which jumped 5.8%, and followed by oil producer MEG Energy Corp, which rose 4.8%.

Altus Group Ltd fell 1.6%, the most on the TSX, followed by Element Fleet Management Corp, down 1%.

The most heavily traded shares by volume were Bonavista Energy Corp, down 12.5%, and Bombardier Inc, up 0.5%.

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

Across all Canadian issues there were 26 new 52-week highs and one new low, with total volume of 27.74 million shares.

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