CANADIAN EQUITIES-Toronto index advances as oil stocks jump 3%
Sept. 13 (Reuters) – Canadian stocks rose on Monday as a surge in crude prices pushed energy stocks up and outweighed concerns about slowing global growth that drove the TSX index to its biggest weekly loss since mid-July.
The Toronto Stock Exchange’s S & P / TSX Composite Index rose 0.2% to 20,681.83 in morning trading after losing 0.9% last week.
Energy stocks led the gains with a 3.2% jump as crude prices hit a week-long high, bolstered by concerns about shutting down production in the United States due to damage from the hurricane Ida.
The TSX index has risen 18.8% so far this year, but has retreated from record highs last week as concerns over a slowing economic recovery and increasing cases of COVID- 19 have shaken investor confidence in risky assets.
“We have a good rebound to start the day and it’s more to recoup what we lost on Friday,” said Gregory Taylor, portfolio manager at Purpose Investments. “We’re probably going to hover around that level until we have a better idea of where the companies or the macros are going,” he said.
Investors will focus on domestic inflation data later this week for clues to the country’s economic health and the outlook for monetary policy.
* Canadian Pacific Railway Ltd rose nearly 1% after Kansas City Southern announced plans to accept the rail operator’s $ 27.2 billion cash and stock takeover offer on a deal $ 29.6 billion to sell to Canadian National Railway Ltd
* Crescent Point Energy Corp jumped 6.3% and was the biggest percentage gainer on the TSX after the oil producer raised its fourth quarter dividend.
* The TSX posted 9 new 52 week highs and a new low.
* For all Canadian issues, there were 29 new 52-week highs and 5 new lows, with total volume of 19.32 million shares. (Reporting by Amal S in Bangalore; Editing by Bernard Orr)