TORONTO: Canada’s main index rose on Wednesday, with gains in Suncor Energy shares boosting the energy sector and higher gold prices supporting materials stocks.
At 9:50 a.m. ET (1350 GMT), the Toronto Stock Exchange’s S&P/TSX Composite Index rose 30.81 points, or 0.2 percent, to 15,649.74.
Also helping the main index was a 4.3 percent rise in software company CGI Group, which reported second-quarter revenue above estimates.
Shares of Suncor Energy gained 0.8 percent, after the second-largest Canadian energy producer posted a quarterly profit that beat analysts’ expectations.
The materials group rose 0.7 percent as gold prices steadied due to a pause in the dollar’s rise.
Also helping the sentiment was Bank of Canada Governor Stephen Poloz saying the outlook for the domestic economy is good despite the overhang of high household debt.
Seven of the 10 main index sectors were higher.
Among stocks, Loblaw Cos Ltd gained 0.2 percent after the company beat profit estimates, helped by a rise in same-store sales in its food and drug retail businesses.
US Trade Representative Robert Lighthizer said if a deal to revise the North American Free Trade Agreement cannot be reached with Canada and Mexico in about three weeks, its approval by the US Congress could be in jeopardy.
The TSX posted five new 52-week highs and three new lows. Across all Canadian issues there were 12 new 52-week highs and 13 new lows.
The largest percentage gainer on the TSX was Russel Metals , which rose 6.8 percent, after the company reported first-quarter results on Tuesday.
Maple Leaf Food fell 5.4 percent and was the largest decliner on the index, after the meat packaging company posted a first-quarter profit that missed estimates.
Among the most active Canadian stocks by volume were Green Organic Dutch Holdings, Bombardier Inc and Tamarack Valley.
Volume on the TSX index was 18.60 million shares, while the total volume on Wednesday was 35.75 million shares.
Source: Brecorder
