Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

CANADA STOCKS-TSX rises on financials and BlackBerry but energy weighs

Published 2017-05-23, 11:25 a/m
© Reuters.  CANADA STOCKS-TSX rises on financials and BlackBerry but energy weighs
F
-
BB
-
LCO
-
CL
-
GSPTSE
-
TD
-
SU
-
OVV
-
RY
-

(Updates index and stock movements, details on BlackBerry jump)

* TSX up 41.97 points, or 0.27 percent, to 15,500.43

* Five of the TSX's 10 main groups rise

TORONTO, May 23 (Reuters) - Canada's main stock index rose on Tuesday after the Victoria Day holiday Monday, bolstered by bank stocks and a surge in BlackBerry Ltd BB.TO shares.

BlackBerry Ltd stock jumped 8.8 percent to C$15.27, as investors raised expectations that the technology company's cyber security and automotive software sectors will post strong growth, an analyst said.

This month's global "ransomware" attack, dubbed WannaCry, has raised awareness of BlackBerry's security software business, while Ford Motor (NYSE:F) Co F.N said late Friday it would start using an "over the air" system to update software on its interactive touchscreen system, which runs on BlackBerry software. information technology group rose 0.8 percent.

At 11:03 a.m. (1503 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was up 41.97 points, or 0.27 percent, to 15,500.43. Of the index's 10 main groups, half were in positive territory.

The index was tracking U.S. markets, which rose ahead of U.S. President Donald Trump's first full budget plan that is aimed at slashing government spending and trimming the deficit.

The most influential mover on the index was Toronto Dominion Bank TD.TO , which rose 0.9 percent to C$63.64. Royal Bank of Canada RY.TO followed, with a 0.8 percent advance to C$93.76.

The overall financials group, which account for about a third of the index's weight, gained 0.7 percent.

Energy stocks tempered gains, retreating 0.7 percent as crude prices LCOc1 CLc1 dipped earlier in the session on news of a White House proposal to sell off half the country's huge oil stockpile, threatening a future glut. O/R

Suncor Energy Inc SU.TO fell 1.0 percent to C$42.87, while Encana Corp ECA.TO declined 1.1 percent to C$15.13.

Advancing issues outnumbered declining ones on the TSX by 132 to 111, for a 1.19-to-1 ratio on the upside.

The index posted 11 new 52-week highs and no new lows.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.