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CANADA STOCKS-TSX gains on upbeat GDP data, energy boost

Published 2020-12-23, 10:04 a/m
© Reuters.

(Adds details; updates prices)

Dec 23 (Reuters) - Canada's main stock index rose on Wednesday as the domestic economy grew more-than-expected in October, spurring hopes for a quicker economic recovery, while gains in energy stocks further lifted sentiment.

* The nation's economy expanded both in October and November, with the October growth slightly above expectations, Statistics Canada said. The energy sector .SPTTEN climbed 1.8% as U.S. crude CLc1 prices rose 0.7% a barrel, while Brent crude LCOc1 also added 0.7%. O/R

* At 09:39 a.m. ET (14:39 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was up 56.62 points, or 0.32%, at 17,609.08

* The materials sector .GSPTTMT , which includes precious and base metals miners and fertilizer companies, added 1%.

* On the TSX, 168 issues advanced, while 47 issues declined in a 3.57-to-1 ratio favoring gainers, with 13.96 million shares traded.

* The largest percentage gainer on the TSX was Magna International Inc MG.TO , which jumped 7.0%, after the auto parts maker announced a $1 billion joint venture with LG Electronics to build electric-car gears.

* Its gains were followed by lumber producer West Fraser Timber Co. Ltd WFT.TO , which rose 4.2%.

* E-commerce company Shopify Inc SHOP.TO fell 3.6%, the most on the TSX, followed by software firm Constellation Software Inc CSU.TO , down 3.5%.

* The most heavily traded shares by volume were Power Corporation of Canada POW.TO , National Bank of Canada NA.TO , and TC Energy Corp TRP.TO .

* The TSX posted nine new 52-week highs and no new low.

* Across Canadian issues, there were 49 new 52-week highs and no new low, with total volume of 28.61 million shares.

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