Get 40% Off
💰 Buffett reveals a $6.7B stake in Chubb. Copy the full portfolio for FREE with InvestingPro’s Stock Ideas toolCopy Portfolios

UPDATE 1-CANADA STOCKS-TSX ends at 3-week high; oil gains lift energy stocks

Published 2018-02-23, 04:29 p/m
© Reuters.  UPDATE 1-CANADA STOCKS-TSX ends at 3-week high; oil gains lift energy stocks
CL
-
GSPTSE
-
EFX
-
ERF
-
MAXR
-
CEU
-
RY
-
WPK
-

TORONTO, Feb 23 (Reuters) - Canada's main stock index closed at a three-week high on Friday, with energy companies leading gains across the board on higher oil prices.

* The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE rose 130.28 points, or 0.84 percent, to 15,638.45.

* The energy group gained 1.5 percent.

* Energy-related companies Enerplus Corp ERF.TO , CES Energy Solutions Corp CEU.TO and Enerflex Ltd EFX.TO were among the 10 biggest gainers on the index.

* U.S. crude CLc1 prices were up 1.2 percent at $63.56 a barrel.

* The biggest gainer on the index was Winpak Ltd WPK.TO , which gained 11.5 percent after TD Securities raised its target price and CIBC raised its rating after the company reported earnings that beat expectations on Thursday. Royal Bank of Canada RY.TO , Canada's biggest lender by market value, reported earnings per share, excluding one-off items, of C$2.05 for the quarter through Jan. 31. Analysts had on average forecast earnings of C$1.99 per share. Its shares reversed earlier losses to end the day up 0.4 percent.

* The financials group, which accounts for more than one-third of the weight of the TSX, rose 0.6 percent.

* The largest decliner was Maxar Technologies Ltd MAXR.TO , which retreated 13.4 percent after RBC , CIBC, BMO and Canaccord Genuity cut their target prices. The company reported earnings that missed estimates after the bell on Thursday. All of the TSX's 10 main groups were higher, while the index posted six new 52-week highs and two new lows. There were 183 advancing issues, 62 declining ones and five were little changed.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

* Canada's annual inflation rate cooled in January from a year earlier as consumers paid less for gasoline and vehicles, but firmer underlying prices were seen keeping the Bank of Canada on track to raise interest rates again later this year.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.