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CANADA STOCKS-TSX higher as energy shares gain on tightening oil supply

Published 2018-06-26, 10:26 a/m
© Reuters.  CANADA STOCKS-TSX higher as energy shares gain on tightening oil supply

June 26 (Reuters) - Canada's main stock index rose on Tuesday as a tightening oil supply, triggered partly by a production problem at one of the country's largest oil sands facilities, helped drive gains in energy shares.

* At 9:33 a.m. ET (1333 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was up 54.21 points, or 0.33 percent, at 16,238.17.

* Oil prices rose, supported by production losses in Canada, Libya and from the Neutral Zone between Saudi Arabia and Kuwait, but under pressure from higher supply from elsewhere in OPEC and escalating trade conflicts. O/R

* A power outage last week shut the Syncrude facility in Alberta, which can produce up to 360,000 barrels per day. The outage will tighten Canadian supplies and reduce the crude flow to Cushing, Oklahoma, the delivery point of the U.S. crude futures contract. U.S. crude CLc1 prices rose 0.8 percent, while Brent crude LCOc1 added 0.7 percent.

* Eight of the index's 11 major sectors were higher, led by a 0.8 percent rise in the energy sector .SPTTEN .

* A 1.5 percent rise each in shares of Suncor Energy Inc SU.TO and Enbridge Inc ENB.TO boosted the sector.

* The financials sector .SPTTFS slipped 0.1 percent.

* Bank of Canada Governor Stephen Poloz is under pressure to justify another rate hike or risk credibility by changing course, with a clear-cut case for higher rates endangered by a raging trade war with the United States. On the TSX, 159 issues were higher, while 73 issues declined for a 2.18-to-1 ratio favouring gainers, with 6.04 million shares traded.

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* The biggest percentage gainers on the TSX were Alacer Gold ASR.TO , which jumped 3.1 percent, and Shopify Inc SHOP.TO , which rose 2.7 percent.

* Torex Gold Resources TXG.TO was the biggest percentage loser, with a 2.5 percent drop, followed by Cameco Corp's CCO.TO 2.2 percent fall.

* Shares of Aurora Cannabis ACB.TO , Aphria Inc APH.TO and Les Ressources Yorbeau Inc YRB.TO were the most heavily traded by volume.

* The TSX posted three new 52-week highs and two new lows.

* Across all Canadian issues there were four new 52-week highs and six new lows, with total volume of 11.71 million shares.

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