REFILE-CANADA STOCKS-Energy stocks lift Toronto index to record high as oil prices rise

  • 9/2/2021
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(Corrects syntax in second bullet of Highlights) Sept 2 (Reuters) - Canada’s main index hit a record high on Thursday as a rise in oil prices lifted energy stocks, while hopes for loose monetary policies boosted demand for risky equities globally. At 9:45 a.m. ET (13:45 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 104.07 points, or 0.5%, at 20,793.65. The energy sector climbed 1.8% as U.S. crude prices rose 2.0% a barrel, while Brent crude added 1.7%. Canada’s benchmark equity index has scaled record highs in the past few weeks as global stocks continue their march higher despite signs a post-pandemic economic recovery was beginning to slow. Investors have also shrugged off uncertainty related to a looming election in Canada later this month, with polls showing the ruling Liberal party and its main rival in a tight race. “We worry about inflation, about what the (U.S. Federal Reserve) and the Bank of Canada are going to do and about the employment numbers (but) the market is taking whatever negativity comes out in stride,” said Irwin Michael, portfolio manager at ABC Funds. A recent Reuters poll showed the TSX was expected to rise only marginally by the end of the year, but then extend its record-setting rally in 2022. Heavyweight financial stocks were flat, while the technology index tracked the U.S. tech-heavy Nasdaq to record highs. HIGHLIGHTS * The industrials sector rose 0.7%. * The largest percentage gainer on the TSX was insurance distributor BRP Inc, which jumped 9.2% after posting upbeat results, while BlackBerry Ltd fell 2.3%, the most on the index. * On the TSX, 137 issues were higher, while 82 issues declined for a 1.67-to-1 ratio favoring gainers, with 16.96 million shares traded. * The TSX posted 14 new 52-week highs and no new low. * Across Canadian issues, there were 99 new 52-week highs and eight new lows, with total volume of 38.83 million shares. (Reporting by Sagarika Jaisinghani and Devik Jain in Bengaluru; Editing by Arun Koyyur and Vinay Dwivedi) Our Standards: The Thomson Reuters Trust Principles.

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