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TSX climbs as oil bounce lifts energy stocks

Published 2020-04-22, 10:37 a/m
© Reuters.

April 22 (Reuters) - Energy stocks boosted Canada's main stock index on Wednesday, as crude prices bounced back from historic lows on the prospect of production cuts aimed at tackling an oil glut.

* The energy sector .SPTTEN climbed 4.8% as U.S. crude CLc1 prices were up 26.4% a barrel, while Brent crude LCOc1 added 12.5%. O/R

* On the economic front, data showed Canada's annual inflation rate tumbled to a near five-year low of 0.9% in March as the coronavirus crisis and an oil supply war slashed gasoline prices, according to Statistics Canada. At 9:51 a.m. ET (1351 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was up 209.55 points, or 1.5%, at 14,149.61.

* Also helping the main index, the materials sector .GSPTTMT , which includes precious and base metals miners, added 3.7% as gold futures GCc1 rose 2.3%. GOL/ MET/L

* On the TSX, 215 issues were higher, while 14 issues declined for a 15.36-to-1 ratio favouring gainers, with 32.38 million shares traded.

* Canada's Rogers Communications Inc RCIb.TO slipped 1.6% after the company pulled its 2020 forecast and reported lower-than-expected quarterly profit due to a drop in ad sales and weaker demand for its wireless services. The largest percentage gainers on the TSX were Meg Energy Corp MEG.TO , which jumped 9.9%, and First Quantum Minerals FM.TO , which rose 9.5%.

* Sleep Country ZZZ.TO fell 2.1%, the most on the TSX. The second biggest decliner was CAE Inc CAE.TO , down 0.8%.

* The most heavily traded shares by volume were StageZero Life Sciences Inc SZLS.TO and Cenovus Energy Corp CVE.TO .

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

* Across all Canadian issues there were 14 new 52-week highs and one new low, with total volume of 72.32 million shares.

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