CANADA STOCKS-TSX set for weekly gain on tech boost

  • 7/23/2021
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(Updates prices, sectors) July 23 (Reuters) - Canada’s main stock index rose on Friday and was on track to post a weekly gain, driven by technology stocks, while Air Canada edged up on forecasting increased bookings in the winter. * At 9:37 a.m. ET (13:37 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 73.95 points, or 0.37%, at 20,171.47. * The tech sector has gained nearly 4.5% so far this week, touching a record high on Friday, as a rise in global coronavirus cases sent investors flocking to pandemic-resilient stocks. * Canada’s retail sales likely rebounded in June after dropping less than expected in May, data showed on Friday, as businesses began to reopen. * Air Canada rose 0.3% after the carrier forecast increased bookings for domestic and U.S.-bound flights in the winter as travel restrictions ease. * The energy sector climbed 0.1%, even though crude prices were down. * The financials sector gained 0.7%. The industrials sector rose 0.3%. * On the TSX, 144 issues were higher, while 74 issues declined for a 1.95-to-1 ratio favouring gainers, with 10.51 million shares traded. * The largest percentage gainers on the TSX were Aecon Group Inc, which jumped 4.4% after the builder posted an upbeat second-quarter earnings and oil producer MEG Energy Corp , which rose 3.6%. * Automobile parts makers Magna International Inc and FI Group Inc were the biggest decliners, falling 5.8% and 2.9%, respectively. * The most heavily traded shares by volume were Royal Bank of Canada, Bank of Montreal and Trevali Mining Corp. * The TSX posted no new 52-week highs and no new lows. * Across all Canadian issues there were 53 new 52-week highs and eight new lows, with a total volume of 19.25 million shares. (Reporting by Amal S in Bengaluru; Editing by Ramakrishnan M.) Our Standards: The Thomson Reuters Trust Principles.

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