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TSX rises on industrials, strong bank earnings

Published 2020-12-03, 11:47 a/m
© Reuters. FILE PHOTO: A Toronto Stock Exchange sign adorns a doorway at the Exchange Tower building in Toronto
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(Reuters) - Canada's main stock index advanced on Thursday, nearing a more than nine-month high, on gains in industrial and tech stocks and strong quarterly earnings from banks.

* At 10:07 a.m. ET (1507 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 57.28 points, or 0.33%, at 17,415.49.

* Canadian health authorities should soon complete their regulatory review of Pfizer Inc (NYSE:PFE)'s coronavirus vaccine candidate, Health Minister Patty Hajdu said on Wednesday.

* The industrials sector rose 0.9%, with WSP Global Inc jumping nearly 11% to the top of index after it announced deal to acquire environmental consulting firm Golder Associates.

* The financials sector gained 0.4% as Toronto-Dominion Bank and Canadian Imperial Bank of Commerce wrapped up a forecast-beating fourth quarter by Canadian lenders, setting aside less-than-expected provisions to cover any loan losses from the COVID-19 pandemic.

* The energy sector dropped 0.8% as U.S. crude prices were down 0.2% a barrel, while Brent crude added 0.1%.

* The materials sector, which includes precious and base metals miners and fertilizer companies, lost 0.7%, even as gold futures rose 0.4% to $1,832.2 an ounce.

* On the TSX, 135 issues were higher, while 83 issues declined for a 1.63-to-1 ratio favoring gainers, with 46.82 million shares traded.

* Iamgold Corp (TO:IMG) fell 3%, the most on the TSX. The second-biggest decliner was Silvercorp Metal (TO:SVM), down 3%.

* The most heavily traded shares by volume were Suncor Energy Inc (TO:SU), down 0.8%; Canadian Natural Resources Ltd (TO:CNQ), down 0.2% and Air Canada (TO:AC), up 4.7%.

* The TSX posted 8 new 52-week highs and no new lows.

* Across all Canadian issues there were 34 new 52-week highs and 4 new lows, with total volume of 83.77 million shares.

© Reuters. FILE PHOTO: A Toronto Stock Exchange sign adorns a doorway at the Exchange Tower building in Toronto

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