CANADA STOCKS-TSX rises on tech gains, U.S. stimulus optimism

  • 2/4/2021
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(Adds details, updates prices) Feb 4 (Reuters) - Canada’s main stock index rose on Thursday as technology stocks gained, while optimism around U.S. fiscal stimulus and economic recovery also lifted sentiment. * At 09:48 a.m. ET (14:48 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 42.1 points, or 0.23%, at 17,958.01. * Technology sector rose 1.4% and was the biggest gainer on the index. * Oil producer EnQuest agreed to buy Suncor’s 27% stake in the Golden Eagle fields for $325 million, roughly equivalent to its market capitalization, on the back of a planned debt refinancing and equity raise. * World’s largest pot producer, Canopy Growth Corp , launched a new line of cannabis-infused soft chews and drops for dogs, after its partner and lifestyle guru Martha Stewart’s line of pet treats recorded strong sales last week. * The energy sector dropped 1.5% even as U.S. crude prices were up 0.4% a barrel, while Brent crude added 0.3%. * The financials sector gained 0.7%, and industrials sector rose 0.1%. * The materials sector, which includes miners of precious and base metals and fertilizer companies, lost 1.7% as gold futures fell 2.2% to $1,791.6 an ounce. * On the TSX, 96 issues advanced, while 117 declined in a 1.22-to-1 ratio favoring losers, with 35.37 million shares traded. * The largest percentage gainer on the TSX was Canada Goose Holdings, which jumped 27.2% after it beat estimates for quarterly revenue and profit, boosted by a surge in online sales and increased demand for its luxury parkas in China. * The second biggest gainer was MEG Energy Corp, rising 4.3%. * First Majestic Silver fell 7.6%, the most on the TSX. The second biggest decliner was New Gold Inc, down 7.1%, after gold and silver prices slipped as the dollar gained. * The most heavily traded shares by volume were The Supreme Cannabis Co, Enbridge Inc and Suncor Energy Inc. * The TSX posted seven new 52-week highs and no new low. * Across Canadian issues, there were 43 new 52-week highs and 3 new lows, with total volume of 75.76 million shares. (Reporting by Shivani Kumaresan in Bengaluru; Editing by Vinay Dwivedi)

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