CANADA STOCKS-TSX rises on energy boost

  • 2/2/2021
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Feb 2 (Reuters) - Canada’s main stock index rose on Tuesday, supported by higher oil prices, after major crude producers showed they were reining in output roughly in line with their commitments. * Voluntary cuts of 1 million bpd by OPEC’s de facto leader, Saudi Arabia, are set to be implemented from the beginning of February though March. * The energy sector climbed 1.9% as U.S. crude prices were up 2.8% a barrel, while Brent crude added 2.7%. * At 9:41 a.m. ET (14:41 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 105.92 points, or 0.6%, at 17,798.37. * Imperial Oil Ltd, one of Canada’s biggest crude producers and refiners, on Tuesday swung to a quarterly loss, dented by impairment charges of C$1.17 billion ($913.35 million)related to abandoned assets in Alberta. ADVERTISEMENT * Hedge funds have raised their bets against Canadian silver-mining stocks, January short-selling data from a market regulator showed, while the miners’ shares and silver itself rose sharply due to buying by retail investors. * The financials sector gained 0.9%. The industrials sector rose 1.1%. * The materials sector, which includes precious and base metals miners and fertilizer companies, lost 2.4% as gold futures fell 1.2% to $1,837.9 an ounce. * On the TSX, 166 issues were higher, while 55 issues declined for a 3.02-to-1 ratio favouring gainers, with 20.12 million shares traded. * The largest percentage gainers on the TSX were Aphria Inc , which jumped 5.1% and Brp Inc, which rose 4.6%. ADVERTISEMENT * First Majestic Silver Corp fell 21.1%, the most on the TSX, as silver prices fell more than 5% after hitting an eight-year high a day earlier. The second biggest decliner was Fortuna Silver Mines Inc, down 13.8%. * The most heavily traded shares by volume were Athabasca Oil Corp, Blackberry Ltd and Suncor Energy Inc . * The TSX posted eight new 52-week highs and no new lows. * Across all Canadian issues there were 25 new 52-week highs and no new lows, with total volume of 47.66 million shares. (Reporting by Shivani Kumaresan in Bengaluru; Editing by Shailesh Kuber)

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