Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

CANADA STOCKS-TSX rises with resource stocks, CP Rail weighs

Published 2016-10-19, 09:58 a/m
© Reuters.  CANADA STOCKS-TSX rises with resource stocks, CP Rail weighs
XAU/USD
-
GC
-
LCO
-
CL
-
GOLD
-
GSPTSE
-
SU
-
GG
-
OVV
-
CP
-

(Adds details on specific stocks, updates prices)

* TSX up 35.7 points, or 0.24 percent, at 14,787.95

* Almost three gainers for every declining stock

TORONTO, Oct 19 (Reuters) - Canada's main stock index gained on Wednesday as rising commodity prices helped energy and gold mining stocks push higher while railway stocks lagged.

Canadian Pacific Railway Ltd CP.TO declined 2.3 percent to C$196.59 after the country's No.2 railroad operator reported a 9.1 percent drop in quarterly revenue, due mainly to a delayed grain harvest and lower crude oil volumes. rival Canadian National declined 0.9 percent to C$87.03, and the industrials fell 0.7 percent overall.

The most influential gainers on the index included Goldcorp Inc G.TO , which rose 3.1 percent to C$20.09, and Barrick Gold Corp ABX.TO , up 2.4 percent to C$21.98.

Gold prices rose and the U.S. dollar weakened amid uncertainty around the timing of a U.S. interest rate increase. GOL/

The materials group, which includes precious and base metals miners and fertilizer companies, added 1.2 percent.

At 9:41 a.m. EDT (1341 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was up 35.7 points, or 0.24 percent, at 14,787.95. There were almost three advancers for every decliner.

Canada's central bank is expected to hold interest rates steady in a rate decision due at 10 a.m. that also will include an update to the Bank of Canada's economic forecasts.

The energy group climbed 1.1 percent, as oil prices were boosted by evidence of declining production in China and falling U.S. inventories, while an upbeat OPEC statement on its planned output cut also supported the market. O/R

Suncor Energy Inc SU.TO rose 0.8 percent to C$38.26 and Encana Corp ECA.TO added 1.5 percent to C$14.83.

U.S. crude CLc1 prices were up 1.7 percent to $51.15 a barrel, while Brent LCOc1 added 1.3 percent to $52.35. O/R

Gold futures GCc1 rose 0.8 percent to $1,270.8 an ounce. GOL/

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.