CANADA STOCKS-Energy stocks lift TSX as oil jumps on supply concerns

  • 3/24/2021
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(Updates prices, adds sector details) March 24 (Reuters) - Canada’s main stock index rose on Wednesday, with energy stocks climbing over 3% as crude prices gained on supply concerns after a ship ran aground in the Suez Canal. * The energy sector climbed 3.1% as U.S. crude prices rose to $59.7 a barrel, while Brent crude rose to $62.8. * Eight tug boats were attempting on Wednesday to free a 400-metre (440 yards) long container ship that ran aground in the Suez Canal, blocking vessels passing through one of the world’s most important waterways. * At 9:42 a.m. ET (13:42 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 92.74 points, or 0.5%, at 18,762.54. * The largest percentage gainers on the TSX were Crescent Point Energy Corp, which jumped 4.9% after brokerage TD Securities hiked the price target of the oil producer’s stock, and Air Canada, which rose 4.7%. * The materials sector, which includes precious and base metals miners and fertilizer companies, added 0.2% as gold futures rose 0.4% to $1,731.5 an ounce. * The financials sector gained 0.7%. The industrials sector rose 0.5%. * On the TSX, 141 issues were higher, while 87 issues declined for a 1.62-to-1 ratio favouring gainers, with 21.87 million shares traded. * Food processing firm Sunopta Inc fell 3.5%, the most on the TSX, and the second-biggest decliner was pharmaceuticals company Bausch Health Companies Inc, down 3.2%. * The most heavily traded shares by volume were Canadian Natural Resources Limited, Power Corporation of Canada , and Athabasca Oil Corp. * The TSX posted three new 52-week highs and no new lows. * Across all Canadian issues there were 12 new 52-week highs and one new low, with total volume of 40.82 million shares. (Reporting by Amal S in Bengaluru; Editing by Ramakrishnan M.)

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