TORONTO: Canada’s main stock index rose on Tuesday, as financial stocks gained on stronger-than-expected gain in March wholesale trade and energy shares got a boost from rising oil price.
At 9:37 a.m. ET (13:37 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 54.43 points, or 0.34 percent, at 16,216.74.
Eight of the index’s eleven major sectors were higher, getting the biggest boost from the financial sector’s 0.4 percent gain.
Statistics Canada said Canadian wholesale trade rose 1.1 percent in March, the largest month-on-month rise for five months, aided by strength in the motor vehicle and parts subsector.
Brent Crude oil price rose towards $80 a barrel, supported by concern that falling Venezuelan crude output and a potential drop in Iranian exports could further tighten global supply. The TSX energy sector climbed 1.0 percent.
The Canadian dollar edged higher against its US counterpart on higher oil prices and the wholesale trade data
The materials sector, which includes miners, added 0.5 percent as gold prices edged up on Tuesday from a 2018 low as the US dollar fell from its five-month high.
On the TSX, 179 issues were higher, while 60 issues declined for a 2.98-to-1 ratio favoring gainers, with 14.32 million shares traded.
The largest percentage gainers were Aurora Cannabis , which jumped 6.2 percent after it made a strategic investment in CTT Pharmaceutical and Canopy Growth Co. Shares of Canopy Growth rose 4.1 percent.
Cameco Corp fell 6.8 percent, the most on the TSX.
The second biggest decliner was e-commerce software maker Shopify Inc, which fell 4.9 percent after Adobe Systems Inc announced it was buying rival Magento Commerce.
The most heavily traded shares by volume were Aurora Cannabis, Canopy Growth and Bombardier Inc.
The TSX posted 13 new 52-week highs and no new lows.
Across all Canadian issues there were 47 new 52-week highs and nine new lows, with total volume of 24.93 million shares.
US Treasury Secretary Steven Mnuchin said on Monday major issues remained in talks between the United States, Mexico and Canada to renegotiate the NAFTA deal.
Source: Brecorder
