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CANADA STOCKS-TSX gains as energy, materials stocks rise

Published 2018-05-02, 11:06 a/m
© Reuters.  CANADA STOCKS-TSX gains as energy, materials stocks rise

May 2 (Reuters) - Canada's main index rose on Wednesday, with gains in Suncor Energy SU.TO shares boosting the energy sector and higher gold prices supporting materials stocks.

* At 9:50 a.m. ET (1350 GMT), the Toronto Stock Exchange's S&P/TSX Composite Index .GSPTSE rose 30.81 points, or 0.2 percent, to 15,649.74.

* Also helping the main index was a 4.3 percent rise in software company CGI Group GIBa.TO , which reported second-quarter revenue above estimates.

* Shares of Suncor Energy SU.TO gained 0.8 percent, after the second-largest Canadian energy producer posted a quarterly profit that beat analysts' expectations. The materials group rose 0.7 percent as gold prices steadied due to a pause in the dollar's rise. GOL/R

* Also helping the sentiment was Bank of Canada Governor Stephen Poloz saying the outlook for the domestic economy is good despite the overhang of high household debt. Seven of the 10 main index sectors were higher.

* Among stocks, Loblaw Cos Ltd L.TO gained 0.2 percent after the company beat profit estimates, helped by a rise in same-store sales in its food and drug retail businesses.

* U.S. Trade Representative Robert Lighthizer said if a deal to revise the North American Free Trade Agreement cannot be reached with Canada and Mexico in about three weeks, its approval by the U.S. Congress could be in jeopardy. The TSX posted five new 52-week highs and three new lows. Across all Canadian issues there were 12 new 52-week highs and 13 new lows.

* The largest percentage gainer on the TSX was Russel Metals RUS.TO , which rose 6.8 percent, after the company reported first-quarter results on Tuesday.

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* Maple Leaf Food MFI.TO fell 5.4 percent and was the largest decliner on the index, after the meat packaging company posted a first-quarter profit that missed estimates. Among the most active Canadian stocks by volume were Green Organic Dutch Holdings TGOD.TO , Bombardier Inc BBDb.TO and Tamarack Valley TVE.TO .

* Volume on the TSX index was 18.60 million shares, while the total volume on Wednesday was 35.75 million shares.

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