TSX hits record high on energy boost

(Reuters) – Canada’s main stock index hit a record high on Friday, buoyed by gains in energy stocks on stronger oil prices as expectations of a rebound in fuel demand overshadowed concerns about more supply from Iran once sanctions are lifted.

FILE PHOTO: The Art Deco facade of the original Toronto Stock Exchange building is seen on Bay Street in Toronto, Ontario, Canada January 23, 2019. REUTERS/Chris Helgren

* The energy sector climbed 0.7% as U.S. crude prices rose 0.7%, while Brent crude added 0.5%. [O/R]

* At 9:42 a.m. ET (13:42 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 100.87 points, or 0.51%, at 19,875.28.

* HEXO Corp rose 10.1% after saying it would buy Redecan, a Canadian privately-owned licensed cannabis producer, for C$925 million ($764.72 million) in a cash-and-stock deal.

* National Bank of Canada fell 1.8% even after beating analysts’ estimates for second-quarter profit.

* The Canadian dollar lost ground against its broadly stronger U.S. counterpart as data showed U.S. consumer inflation heating up in April, with the loonie on track to snap its longest streak of weekly gains since 2016.

* The financials sector remained unchanged. The industrials sector rose 0.7%.

* The materials sector, which includes precious and base metals miners and fertilizer companies, added 0.6% as gold futures rose 0.1% to $1,898.2 an ounce. [GOL/]

* On the TSX, 164 issues were higher, while 56 issues declined for a 2.93-to-1 ratio favouring gainers, with 23.83 million shares traded.

* The largest percentage gainers on the TSX were Blackberry Ltd BB.TO, which jumped 10.0%, and Canopy Growth Co WEED.TO, which rose 3.8%.

* Ivanhoe Mines Ltd IVN.TO fell 3.3%, the most on the TSX. The second-biggest decliner was National Bank Of Canada NA.TO, down 2.8%.

* The most heavily traded shares by volume were Great-West Lifeco GWO.TO, Sun Life Financial SLF.TO and Zenabis Global Inc ZENA.TO.

* The TSX posted 16 new 52-week highs and no new lows.

* Across all Canadian issues there were 73 new 52-week highs and 5 new lows, with total volume of 44.86 million shares.

Source: Read Full Article