Energy, mining lift TSX as investors look past dismal economic data

  • Toronto Stock Exchange's S&P/TSX composite index was up 116.53 points, or 0.58%, at 20,282.11, after hitting a record high at market open.
  • On the TSX, 170 issues were higher, while 56 issues declined in a 3.04-to-1 ratio favoring gainers, with 16.06 million shares traded.
02 Jul, 2021

Canada's main stock index rose on Friday, boosted by energy and mining stocks, as investors looked past dismal economic data including a surprise trade deficit and a slowdown in domestic factory activity.

The energy sector climbed 0.6%, while the materials sector, which includes precious and base metals miners and fertilizer companies, added 0.7% as gold futures rose 0.6% to $1,786 an ounce.

At 9:38 a.m. ET (13:38 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 116.53 points, or 0.58%, at 20,282.11, after hitting a record high at market open.

The nation posted a surprise trade deficit of C$1.39 billion ($1.12 billion) in May, missing analysts' expectations of a small surplus.

Meanwhile, official data showed the country's factory activity grew at the slowest pace in four months in June as material shortages persisted and inflation pressures rose.

The financials sector gained 0.4%, while the industrials sector rose 0.2%.

On the TSX, 170 issues were higher, while 56 issues declined in a 3.04-to-1 ratio favoring gainers, with 16.06 million shares traded.

The largest percentage gainers on the TSX were uranium company Nexgen Energy Ltd, which jumped 4.7%, and Mullen Group Ltd that rose 4.3% after the freight transportation provider announced the acquisition of R.S. Harris Transport Ltd.

Capstone Mining Corp fell 2.2%, the most on the TSX, and the second biggest decliner was pot producer Aurora Cannabis Inc, down 1.8%.

The most heavily traded shares by volume were Bombardier Inc, Bank of Nova Scotia, and Goldgroup Mining Inc.

The TSX posted 14 new 52-week highs and no new low.

Across Canadian issues, there were 105 new 52-week highs and 12 new lows, with total volume of 36.46 million shares.

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