TSX gains as energy stocks rise on oil boost

The energy sector climbed 1.4% as US crude prices jumped 4.2% a barrel, while Brent crude added 2.3%. Gold pri
15 May, 2020
  • The energy sector climbed 1.4% as US crude prices jumped 4.2% a barrel, while Brent crude added 2.3%.
  • Gold prices hit a more than three-week high on Friday as rising US-China trade tensions added to fears about the global economy already reeling from the coronavirus pandemic.
  • On the TSX, 121 issues were higher, while 106 issues declined for a 1.14-to-1 ratio favouring gainers, with 23.41 million shares traded.

Canada's main stock index rose on Friday, lifted by energy stocks as oil prices hit a one-and-a-half-month high on signs of crude demand picking up.

The energy sector climbed 1.4% as US crude prices jumped 4.2% a barrel, while Brent crude added 2.3%.

Also helping the main index, the materials sector , which includes precious and base metals miners and fertilizer companies, gained 1.8% on higher gold prices.

Gold prices hit a more than three-week high on Friday as rising US-China trade tensions added to fears about the global economy already reeling from the coronavirus pandemic.

At 9:42 a.m. ET (13:42 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 39.1 points, or 0.27%, at 14,548.76.

The Trump administration's move to block semiconductor shipments to China's Huawei Technologies raised fears of trade hostilities between the United States and China.

The largest percentage gainer on the TSX was Aurora Cannabis Inc, which jumped 40.5%, after the company posted better-than-expected quarterly revenue.

Its gains were followed ECN Capital Corp, which rose 12.1%, after the finance company reported first-quarter results.

On the TSX, 121 issues were higher, while 106 issues declined for a 1.14-to-1 ratio favouring gainers, with 23.41 million shares traded.

The luxury apparel maker Canada Goose Holdings Inc fell 9%, the most on the TSX, after BofA Global Research downgraded its shares.

The second biggest decliner was the oil producer Frontera Energy Corp, down 3.6%.

The most heavily traded shares by volume were The TSX posted nine new 52-week highs and no new low.

Across all Canadian issues there were 30 new 52-week highs and four new lows, with total volume of 47.46 million shares.

The most heavily traded shares by volume were pipeline operator Enbridge Inc and Aurora Cannabis Inc.

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

Across all Canadian issues there were 30 new 52-week highs and four new lows, with total volume of 47.46 million shares.

 

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