Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

CANADA STOCKS-TSX gains in broad rally led by financials, energy stocks

Published 2017-12-07, 05:09 p/m
Updated 2017-12-07, 05:10 p/m
© Reuters.  CANADA STOCKS-TSX gains in broad rally led by financials, energy stocks

* TSX ends up 106.9 points, or 0.67 percent, at 16,015.68

* Eight of the TSX's 10 main groups end higher

By Alastair Sharp

TORONTO, Dec 7 (Reuters) - Canada's main stock index ended higher on Thursday, helped by gains among energy stocks as oil prices picked up as well as rising financial, consumer and technology stocks.

* The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE closed up 106.9 points, or 0.67 percent, at 16,015.68.

* Eight of the index's 10 main sectors finished in positive territory, with advancers outnumbering decliners by a 1.7-to-1 ratio.

* The financials group, which accounts for more than a third of the index's weight, gained 0.6 percent as Brookfield Asset Management Inc BAMa.TO added 2.8 percent to C$55.25 and Bank of Nova Scotia BNS.TO rose 1.2 percent to C$82.78.

* The energy group, another major force on the index, added 0.4 percent, with Suncor Energy Inc SU.TO up 1.3 percent at C$44.11 and pipeline operator Enbridge Inc ENB.TO

* Oil prices climbed more than 1 percent due to a threatened strike in Nigeria and as traders cover shorts after sharp losses the previous day brought on by an unexpectedly large rise in U.S. stocks of refined fuels. O/R

* BlackBerry Ltd BB.TO rose 1.2 percent to C$13.21 after announcing it would expand its partnership with chipmaker Qualcomm (NASDAQ:QCOM) into automotive systems on a non-exclusive basis. Dollarama Inc DOL.TO jumped 5.3 percent to C$157.61 after the discount store chain announced a share buyback plan and as a string of analysts adjusted their price targets on the stock following earnings that topped expectations on Wednesday.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

* Industrials, led by gains for the country's two main railway companies, rose 0.7 percent, while Westjet Airlines Ltd WJA.TO added 2.9 percent to C$27.16 after RBC raised its price target on the stock after its Wednesday announcement of a joint venture with Delta Air Lines (NYSE:DAL). The materials group, which includes precious and base metals miners and fertilizer companies, added 0.7 percent.

* Emera Inc EMA.TO fell 3.0 percent to C$47.83 after the energy company announced a bought deal to raise at least C$700 million. Valeant Pharmaceuticals International Inc (NYSE:VRX) VRX.TO rose 5.4 percent, recovering from a fall on Wednesday after announcing the pricing on its latest debt issuance.

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.