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CANADA STOCKS-TSX rises on NAFTA deal optimism; energy stocks gain

Published 2018-08-30, 10:26 a/m
© Reuters.  CANADA STOCKS-TSX rises on NAFTA deal optimism; energy stocks gain
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Aug 30 (Reuters) - Optimism about reaching a new NAFTA deal by the end of this week lifted Canada's main index on Thursday and energy companies provided a boost as oil prices rose.

* Talks between Canada and the United States are intensifying as they push to hammer out a deal on a revamped North American Free Trade Agreement by a Friday deadline, with both sides upbeat about progress made so far. The energy sector .SPTTEN climbed 0.2 percent as U.S. crude CLc1 prices were up 0.3 percent a barrel, while Brent crude LCOc1 added 0.5 percent. O/R

* GDP data showed the Canadian economy grew at a more sluggish pace than market expectations in June and during the second quarter. At 10:05 a.m. ET (14:05 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was up 29.71 points, or 0.18 percent, at 16,420.

* The material sector .GSPTTMT fell 0.7 percent and was the only one of the index's 11 major sectors that was lower.

* Gold futures GCc1 fell 0.7 percent to $1,196.4 an ounce, while copper prices CMCU3 declined 1.1 percent to $6,019.5 a tonne. GOL/ MET/L

** Shares of mining companies were the biggest drags. First Quantum Minerals FM.TO , Teck Resources TECKb.TO and Agnico Eagle Mines AEM.TO fell between 1.3 percent and 4 percent.

* On the TSX, 140 issues were higher, while 90 issues declined for a 1.56-to-1 ratio favouring gainers, with 24.89 million shares traded.

* Toronto-Dominion Bank TD.TO reported third-quarter profit which topped expectations, but its shares dipped 0.2 percent after analysts said its performance was less impressive than rival Canadian lenders. The biggest percentage gainer on the TSX was BRP Inc DOO.TO , which jumped 7.5 percent, after reporting better-than-expected quarterly results.

* Westjet Airline WJA.TO , up 2.9 percent, was also among the largest gainers on the main index.

* Canadian Western Bank CWB.TO fell 5.6 percent, the most on the TSX, after the company reported third-quarter results.

* The second biggest decliner was First Quantum Minerals FM.TO down 4.2 percent.

* The most heavily traded shares were marijuana companies Aurora Cannabis ACB.TO , Aphria Inc APH.TO and Canopy Growth WEED.TO .

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

* Across all Canadian issues there were 20 new 52-week highs and 17 new lows, with total volume of 39.68 million shares.

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