CANADA STOCKS-TSX hits record high on strong earnings, energy stocks

  • 5/27/2021
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(Updates prices, adds sector details) May 27 (Reuters) - Canada’s main stock index touched a record high on Thursday as better-than-expected quarterly profits from major lenders helped drive gains in most sectors, while shares of energy producers shrugged off a decline in oil prices. * Royal Bank of Canada (RBC) and Canadian Imperial Bank of Commerce rose 0.7% and 1.3%, respectively, while Toronto-Dominion Bank fell 0.2%. * The energy sector climbed 0.9% as U.S. crude prices were up 0.1% a barrel, while Brent crude lost 0.2%. * At 9:41 a.m. ET (13:41 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 49.22 points, or 0.25%, at 19,794.69. * Canada’s trailblazing central bank is likely to cut its bond-buying program again this year, possibly as soon as July, as provinces ease curbs to contain the COVID-19 pandemic and inflation pressures build, analysts said. * The financials sector gained 0.7%. The industrials sector rose 0.6%. * The materials sector, which includes precious and base metals miners and fertilizer companies, lost 0.4% as gold futures fell 0.4% to $1,893.2 an ounce. * On the TSX, 118 issues were higher, while 101 issues declined for a 1.17-to-1 ratio favouring gainers, with 22.82 million shares traded. * The largest percentage gainers on the TSX were Enerplus Corp, which jumped 2.5%, and Canaccord Genuity Group , which rose 2.4%. * Endeavour Silver Corp fell 2.9%, the most on the TSX. The second biggest decliner was Village Farms International Inc, down 2.9%. * The most heavily traded shares by volume were Great-West Lifeco, Sun Life Financial and Blackberry Ltd . * The TSX posted 11 new 52-week highs and no new lows. * Across all Canadian issues there were 70 new 52-week highs and five new lows, with total volume of 37.71 million shares. (Reporting by Shivani Kumaresan in Bengaluru; Editing by Shailesh Kuber) Our Standards: The Thomson Reuters Trust Principles.

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