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TSX jumps as energy stocks gain on higher oil prices

Published 2020-06-16, 10:16 a/m
© Reuters.
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June 16 (Reuters) - Canada's main stock index rose on Tuesday as the energy sector jumped nearly 4% on signs of improving crude oil demand, while sentiment was also bolstered by a record increase in U.S. retail sales and prospects of more economic stimulus.

* U.S. crude CLc1 prices rose 3.4%, while Brent crude LCOc1 added 3% after the International Energy Agency increased its oil demand forecast for 2020 and as record supply cuts supported the market. O/R

* The U.S. Federal Reserve is set to start purchasing corporate bonds on Tuesday as part of an already announced stimulus scheme, while latest data showed a record jump in U.S. retail sales in May as Americans resumed spending after weeks of lockdowns. At 9:42 a.m. ET (13:42 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was up 301.76 points, or 1.96%, at 15,661.42.

* The financials sector .SPTTFS gained 2.7%. The industrials sector .GSPTTIN rose 2.6%.

* The materials sector .GSPTTMT , which includes precious and base metals miners and fertilizer companies, added 0.1% as gold futures GCc1 rose 0.3% to $1,725.8 an ounce. GOL/

* On the TSX, 199 issues were higher, while 29 issues declined for a 6.86-to-1 ratio favouring gainers, with 32.56 million shares traded.

* The largest percentage gainer on the TSX was oilfield services and equipment provider Shawcor Ltd SCL.TO , which jumped 11.9%, followed by Pason Systems Inc PSI.TO , which rose 10.6%.

* Silvercorp Metals Inc SVM.TO fell 2.0%, the most on the TSX. The next biggest decliner was Alacer Gold Corp ASR.TO , down 1.7%.

* The most heavily traded shares by volume were Bombardier Inc BBDb.TO , up 4.9%, BCE Inc BCE.TO , up 2.7%, and Air Canada AC.TO , up 5.2%.

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

* Across all Canadian issues, there were 14 new 52-week highs and one new low, with a total volume of 55.84 million shares.

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