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CANADA STOCKS-TSX rises as Saudi Arabia reassures Canadian oil customers

Published 2018-08-09, 10:15 a/m
© Reuters.  CANADA STOCKS-TSX rises as Saudi Arabia reassures Canadian oil customers
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Aug 9 (Reuters) - Canada's main stock index rose on Thursday, as energy shares bounced back on higher oil prices and Saudi Arabia reassured Canada on oil supplies following an ongoing diplomatic dispute.

* At 9:35 a.m. ET (1335 GMT), the Toronto Stock Exchange's S&P/TSX Composite index .GSPTSE was up 33.53 points, or 0.21 percent, at 16,348.61.

* The energy sector .SPTTEN climbed 0.1 percent as oil rose after the first round of U.S. sanctions against Iran came into effect.

* U.S. crude CLc1 prices were up 0.5 percent, while Brent crude LCOc1 added 0.6 percent. O/R

* A row over human rights in Saudi Arabia will not have any impact on Saudi oil supplies to Canada, its energy minister said on Thursday, reassuring customers after Riyadh froze new trade with Canada and ruled out mediation efforts. The materials sector .GSPTTMT , which includes precious and base metals miners, added 0.6 percent as gold prices steadied and aluminium prices gained. GOL/ MET/L

* The financials sector .SPTTFS gained 0.3 percent.

* Two of Canada's biggest insurance companies, Sun Life SLF.TO and Manulife Financial Corp MFC.TO , on Wednesday reported second-quarter earnings which beat market expectations, benefiting in part from strong growth in Asia. Shares of Manulife Financial gained 1.3 percent, however shares of Sun Life fell 2.3 percent.

* The Canadian dollar was little changed against its U.S. counterpart as oil prices rose after a deep slide the day before and Saudi Arabia said its oil customers in Canada will not be affected by a diplomatic dispute. All but one of the index's 11 major sectors were higher.

* Economic data showed Canadian new housing prices rose by 0.1 percent in June, the first gain in seven months. On the TSX, 167 issues were higher, while 68 issues declined for a 2.46-to-1 ratio favouring gainers, with 7.32 million shares traded.

* Top percentage gainer on the TSX were shares of Pan Am Silver PAAS.TO , which jumped 8.7 percent after posting higher quarterly revenues.

* Parex Resources PXT.TO fell 8.4 percent, top laggard on the TSX, followed by shares of Canadian Tire Corp CTCa.TO , down 8.0 percent after reporting disappointing quarterly results.

* The most heavily traded shares by volume were Trevali Mining TV.TO , Horizonte Minerals HZM.TO and Neovasc Inc NVCN.TO .

* The TSX posted seven new 52-week highs and two new lows.

* Across all Canadian issues there were 12 new 52-week highs and eight new lows, with total volume of 13.28 million shares.

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