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TSX gains as oil stocks surge on rising crude prices

Published 2020-05-07, 10:20 a/m
© Reuters.

May 7 (Reuters) - Canada's main stock index rose on Thursday, led by energy shares after an unexpected rise in Chinese exports raised hopes of a revival in global demand and boosted oil prices.

* At 9:45 a.m. ET (1345 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was up 185.29 points, or 1.25%, at 15,016.03.

* Oil prices jumped on news that China's exports rose in April, and also tracked a sharp increase in Saudi Arabia's crude oil official selling price. O/R

* The energy sector .SPTTEN climbed 3.2%, leading gains among the Canadian subindexes.

* The materials sector .GSPTTMT , which includes precious and base metals miners and fertilizer companies, added 0.7% as base metal prices also rose on the prospect of demand creeping back into markets. MET/L

* On the TSX, 192 issues were higher, while 34 issues declined for a 5.65-to-1 ratio favouring gainers, with 32.34 million shares traded.

* The largest percentage gainers on the TSX were Primo Water Corp PRMW.TO , which jumped 11.8%, and Tourmaline Oil TOU.TO , which rose 6.8%. Both stocks gained after reporting strong first-quarter results. Bausch Health Co BHC.TO fell 7.2%, the most on the TSX, after posting a first-quarter loss. Spin Master Corp TOY.TO , which also reported a quarterly loss, was the second-biggest decliner, with its shares falling 5.9%. The most heavily traded shares by volume were Freegold Ventures FVL.TO , Enbridge Inc ENB.TO and Bombardier B BBDb.TO .

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

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* Across all Canadian issues, there were 11 new 52-week highs and one new low, with total volume of 55.83 million shares.

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