TORONTO: Canada’s main stock index rose on Thursday, as energy shares bounced back on higher oil prices and Saudi Arabia reassured Canada on oil supplies following an ongoing diplomatic dispute.
* At 9:35 a.m. ET (1335 GMT), the Toronto Stock Exchange’s S&P/TSX Composite index was up 33.53 points, or 0.21 percent, at 16,348.61.
* The energy sector climbed 0.1 percent as oil rose after the first round of US sanctions against Iran came into effect.
* US crude prices were up 0.5 percent, while Brent crude added 0.6 percent.
* A row over human rights in Saudi Arabia will not have any impact on Saudi oil supplies to Canada, its energy minister said on Thursday, reassuring customers after Riyadh froze new trade with Canada and ruled out mediation efforts.
* The materials sector, which includes precious and base metals miners, added 0.6 percent as gold prices steadied and aluminium prices gained.
* The financials sector gained 0.3 percent.
* Two of Canada’s biggest insurance companies, Sun Life and Manulife Financial Corp, on Wednesday reported second-quarter earnings which beat market expectations, benefiting in part from strong growth in Asia.
* Shares of Manulife Financial gained 1.3 percent, however shares of Sun Life fell 2.3 percent.
* The Canadian dollar was little changed against its US counterpart as oil prices rose after a deep slide the day before and Saudi Arabia said its oil customers in Canada will not be affected by a diplomatic dispute.
* All but one of the index’s 11 major sectors were higher.
* Economic data showed Canadian new housing prices rose by 0.1 percent in June, the first gain in seven months.
* On the TSX, 167 issues were higher, while 68 issues declined for a 2.46-to-1 ratio favouring gainers, with 7.32 million shares traded.
* Top percentage gainer on the TSX were shares of Pan Am Silver, which jumped 8.7 percent after posting higher quarterly revenues.
* Parex Resources fell 8.4 percent, top laggard on the TSX, followed by shares of Canadian Tire Corp, down 8.0 percent after reporting disappointing quarterly results.
* The most heavily traded shares by volume were Trevali Mining, Horizonte Minerals and Neovasc Inc .
* The TSX posted seven new 52-week highs and two new lows.
* Across all Canadian issues there were 12 new 52-week highs and eight new lows, with total volume of 13.28 million shares.
Source: Brecorder
