CANADA STOCKS-TSX snaps losing streak as energy shares jump

  • 9/13/2021
  • 00:00
  • 14
  • 0
  • 0
news-picture

(Adds investor quotes and details, updates prices) * TSX ends up 0.2% * Posts first gain since Sept. 3 * Energy group jumps 4.2% * U.S. oil prices climb above $70 a barrel TORONTO, Sept 13 (Reuters) - Canada’s main stock index rose on Monday as energy shares got a boost from higher oil prices, with investors taking advantage of last week’s pullback in the market. The Toronto Stock Exchange’s S&P/TSX composite index ended up 33.35 points, or 0.2%, at 20,666.41, its first higher close since Sept. 3. The index has added 18.5% so far this year, but retreated from record highs last week as concerns about a slowdown in economic recovery and rising COVID-19 cases globally dented investors’ confidence in risky assets. “This is more evidence that there is strong buying support from investors whenever you see some kind of dip,” said Elvis Picardo, a portfolio manager at Luft Financial, iA Private Wealth. “We are seeing a bunch of energy stocks on the upside. That’s because crude oil ... is again moving over 70 bucks.”U.S. crude oil futures settled 1.1% higher at $70.45 a barrel as U.S. output remains slow to return two weeks after Hurricane Ida slammed into the Gulf Coast. The energy group climbed 4.2%, led by a 14.4% jump in the shares of Crescent Point Energy Corp after the company raised its fourth-quarter dividend. The heavily weighted financials group was up 0.3%, while the materials group, which includes precious and base metals miners and fertilizer companies, added 0.5%. Canadian Pacific Railway Ltd ended 0.1% lower after Kansas City Southern said it planned to accept the railroad operator’s $27.2 billion cash-and-stock acquisition offer over a $29.6 billion deal to sell itself to Canadian National Railway Ltd. The industrials group fell 0.8%, while information technology was down 1.5%. (Reporting by Fergal Smith; Additional reporting by Amal S in Bengaluru; Editing by Peter Cooney)

مشاركة :