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TSX rises as materials, energy boost

Published 2021-05-10, 07:25 a/m
Updated 2021-05-10, 10:24 a/m
© Reuters. The facade of the original Toronto Stock Exchange building is seen in Toronto

© Reuters. The facade of the original Toronto Stock Exchange building is seen in Toronto

(Reuters) - Canada's main stock index rose on Monday, as heavyweight energy and material stocks climbed 1% boosted by higher commodity prices.

* Gold prices gained as the tepid U.S. jobs number last week cemented expectations that interest rates will remain low for some time, denting the dollar and boosting non-yielding metal's appeal. [GOL/]

* The materials sector, which includes precious and base metals miners and fertilizer companies, added nearly 1%.

* The energy sector also rose 1% as oil prices gained after a cyberattack forced the shutdown of major fuel pipelines in the United States and raised concerns about supply disruption, outweighing rising coronavirus cases in Asia.

* At 09:38 a.m. ET (1338 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 26.96 points, or 0.14%, at 19,499.7.

* On the TSX, 136 issues were higher, while 89 issues declined for a 1.53-to-1 ratio favouring gainers, with 15.89 million shares traded.

* The largest percentage gainers on the TSX were Ero Copper Corp, which jumped 3.3%, and Labrador Iron Ore Royalty, which rose 3.3%, after TD Securities raised its target price on the stock to C$48 from C$44.

* Village Farms International Inc fell 8.6%, the most on the TSX, after the company posted a quarterly loss of 10 cents per share.

* The second biggest decliner was Ballard Power Systems Inc, down 5.5%.

* The most heavily traded shares by volume were Nevada Copper Corp, Tetra Bio-Pharma Inc and Zenabis Globol Inc.

* The TSX posted 33 new 52-week highs and one new low.

© Reuters. The facade of the original Toronto Stock Exchange building is seen in Toronto

* Across all Canadian issues there were 166 new 52-week highs and 14 new lows, with total volume of 45.28 million shares.

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