🎁 💸 Warren Buffett's Top Picks Are Up +49.1%. Copy Them to Your Watchlist – For FreeCopy Portfolio

CANADA STOCKS-TSX edges higher as rising oil prices boost energy shares

Published 2018-06-27, 10:02 a/m
© Reuters.  CANADA STOCKS-TSX edges higher as rising oil prices boost energy shares
LCO
-
CL
-
GSPTSE
-
BTE
-
CJRb
-
PD
-
SPTTEN
-
SU
-
OVV
-
WEED
-
ACB
-

June 27 (Reuters) - Canada's main stock index climbed higher on Wednesday, after a supply disruption at one of the country's largest oil sands facilities push oil prices higher lifting energy stocks.

* At 9:35 a.m. ET (1335 GMT), the Toronto Stock Exchange's S&P/TSX Composite index .GSPTSE was up 38.6 points, or 0.24 percent, at 16,318.69.

* A Suncor Energy Inc SU.TO spokeswoman reaffirmed, production at Syncrude, one of Canada's largest oil sands facility is likely to remain offline at least through July. Oil prices climbed on supply disruption in Canada, falling U.S. crude stocks, uncertainty over Libyan exports and U.S. demands that importers stop buying Iranian crude from November. O/R

* Five of the index's 11 major sectors were higher, led by the energy sector .SPTTEN which added 1.7 percent.

* U.S. crude CLc1 prices were up 1.7 percent and Brent crude LCOc1 rose 1.1 percent.

* The nationalization of a crude oil export pipeline in western Canada has buoyed long-standing hopes for crude exports to markets beyond the United States - but the most likely destination for much of that oil is California. On the NAFTA front, Canadian Finance Minister Bill Morneau said on Tuesday he wants NAFTA negotiations to resume as soon as possible, adding that while the Canadian economy was doing well, tariffs imposed by the U.S. on steel and aluminum were a problem. A Reuters analysis showed, steel pipes and tubes used in drilling and transporting crude oil flooded into Canada this spring, as U.S. President Donald Trump's steel tariffs forced producers from Asia to Europe to seek new markets. On the TSX, 161 issues were higher, while 73 issues declined for a 2.21-to-1 ratio favouring gainers, with 12.26 million shares traded.

* Top advancers on the TSX were shares of oil and gas producer Encana Corp ECA.TO and oilfield service provider Precision Drilling PD.TO , rising 3.5 percent each.

* Corus Entertainment CJRb.TO fell 11 percent, top decliner on the TSX, after reporting third-quarter revenue that missed Wall Street estimates. The second biggest decliner were shares of Canopy Growth Co WEED.TO , down 3.3 percent after reporting fourth quarter results.

* The most heavily traded shares by volume were Aurora Cannabis ACB.TO , Canopy Growth Co and Baytex Energy Co BTE.TO .

* The TSX posted six new 52-week highs and three new lows.

* Across all Canadian issues there were 10 new 52-week highs and eight new lows, with total volume of 19.21 million shares.

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.