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CANADA STOCKS-TSX gains as oil boost helps energy stocks

Published 2018-08-21, 10:41 a/m
Updated 2018-08-21, 10:50 a/m
© Reuters.  CANADA STOCKS-TSX gains as oil boost helps energy stocks

© Reuters. CANADA STOCKS-TSX gains as oil boost helps energy stocks

(Reuters) - Canada's main stock index rose on Tuesday as a rally in oil prices pushed energy shares higher.

* At 9:31 a.m. ET (13:31 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was up 42.88 points, or 0.26 percent, at 16,373.91. If current gains hold, the index will post fourth consecutive session of gains.

* Canada's biggest province Ontario signed agreements with 26 cannabis producers including Canopy Growth Corp WEED.TO , Aurora Cannabis Inc ACB.TO and Aphria Inc APH.TO to supply products when it begins online sales of recreational marijuana in October. Weed stocks gained on the news, with Aurora Cannabis ACB.TO leading the main index with a 5.7 percent jump. Canopy Growth Corp WEED.TO rose 5 percent and Aphria Inc APH.TO , Hydropothecary Corp HEXO.TO , CannTrust Holdings Inc TRST.TO rose between 3-3.8 percent.

* Ten of the index's 11 major sectors were higher with the energy sector .SPTTEN providing the biggest boost to the index with its 1.2 percent rise.

* The energy sector climbed 1.2 percent as oil prices gained on prospect of price support from U.S. sanctions on Iran though concerns around outlook for demand limited gains.

* Gains in shares of Suncor Energy SU.TO and Canadian Natural Resources CNQ.TO and Encana Corp ECA.TO lifted the energy group.

* U.S. crude CLc1 prices were up 2.3 percent a barrel, while Brent crude LCOc1 added 0.9 percent. O/R

* The materials sector .GSPTTMT , which includes precious and base metals miners and fertilizer companies, added 0.2 percent and became the second biggest support for the main index.

* Nutrien's NTR.TO 0.3 percent rise and 0.8 percent gain in First Quantum Minerals FM.TO and Goldcorp G.TO helped the materials sector's advance.

* Gold futures GCc1 rose 0.3 percent to $1,190.5 an ounce, while copper prices CMCU3 advanced 0.9 percent to $6,044.5 a tonne. GOL/ MET/L

* The financials sector .SPTTFS gained 0.1 percent. The industrials sector .GSPTTIN rose 0.2 percent.

* On the economic front, data showed Canadian wholesale trade decreased by 0.8 percent in June from May, the second decline in three months. The largest percentage gainers on the TSX were Aurora Cannabis ACB.TO and Meg Energy Corp MEG.TO , which rose 2.6 percent.

* Lucara Diamond LUC.TO fell 0.9 percent, the most on the TSX. The second biggest decliner was Torex Gold Resources TXG.TO , down 0.5 percent.

* On the TSX, 170 issues were higher, while 59 issues declined for a 2.88-to-1 ratio favouring gainers, with 7.55 million shares traded.

* The most heavily traded shares by volume were Aurora Cannabis ACB.TO , Canopy Growth Co WEED.TO , and Royal Nickel RNX.TO .

* The TSX posted two new 52-week highs and no new lows.

* Across all Canadian issues there were 13 new 52-week highs and three new lows, with total volume of 14.52 million shares.

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