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TSX climbs on U.S.-China trade truce hopes

Published 2019-10-10, 10:30 a/m
© Reuters.  CANADA STOCKS-TSX climbs on U.S.-China trade truce hopes

Oct 10 (Reuters) - Canada's main stock index gained ground on Thursday, with energy stocks leading gains, as a clutch of positive headlines on trade lifted sentiment with high-level trade negotiations between United States and China starting in Washington.

* The index shrugged off a muted start and inched higher after President Donald Trump confirmed he would meet Chinese Vice Premier Liu He on Friday for further trade talks, adding to optimism following a report that China was willing to reach a deal. Also helping sentiment, a U.S. Chamber of Commerce official said there is possibility of a currency agreement in u.s.-china trade talks in exchange for delay in tariff hikes.

* Minister level bilateral talks resumed for the first time since July as both sides attempt to end the 15-month long trade war that has hampered global growth.

* At 10:09 a.m. ET (14:09 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was up 27.58 points, or 0.17%, at 16,407.45.

* The energy sector .SPTTEN climbed 0.6%, the most among the index's 11 major sectors, on the back of oil prices which rose about 1%. O/R

* A weak spot in markets was Hexo Corp HEXO.TO , which plummeted 18.4%, as the cannabis producer withdrew its 2020 forecast, blaming an uncertain environment and slow store rollouts. That pushed the healthcare sector .GSPTTHC down 1.6%, and pressured other pot companies including Aphria Inc APHA.TO Aurora Cannabis ACB.TO and Canopy Growth Co WEED.TO down between 2.5% and 3.2%.

* On the TSX, 83 issues were higher, while 137 issues declined for a 1.65-to-1 ratio to the downside, with 8.22 million shares traded.

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* The largest percentage gainers on the TSX were TFI International Inc TFII.TO , which jumped 2.9%, and Teck Resources Ltd TECKb.TO , which rose 2.9%.

* The most heavily traded shares by volume were Green Organic Dutchman Holdings Ltd TGOD.TO , Toronto-Dominion Bank TD.TO , and Hexo Corp.

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

* Across all Canadian issues there were eight new 52-week highs and six new lows, with total volume of 14.92 million shares.

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