April 10, 2018 / 11:32 AM / in 7 months

TSX rises, lifted by energy shares as oil prices jump

FILE PHOTO: A man walks past an old Toronto Stock Exchange (TSX) sign in Toronto, June 23, 2014. REUTERS/Mark Blinch

TORONTO (Reuters) - Canada’s main stock index rose on Tuesday, led by the energy and materials sectors as reduced fears of a global trade war boosted oil prices.

* The Toronto Stock Exchange’s S&P/TSX composite index closed up 34.44 points, or 0.23 percent, at 15,262.14, its second straight day of modest gains.

* U.S. stocks also climbed as investor concerns about rising trade tensions between the United States and China eased after Chinese President Xi Jinping promised to cut import tariffs.

* U.S. crude oil futures settled 3.3 percent higher at $65.51 a barrel, building on Monday’s rally.

* Kinder Morgan Canada Ltd rebounded 3.7 percent to C$16.71 after a sharp decline the day before. The company’s shareholders on Tuesday backed the pipeline operator’s decision to pause most work on its Trans Mountain expansion as a way to force the Canadian government to give final approval for the project.

* The energy group rose 2.4 percent to reach its highest since Feb. 1, while the materials group, which includes precious and base metals miners and fertilizer companies, added 0.9 percent.

* The largest percentage gainer on the TSX was Ivanhoe Mines Ltd, which rose 8.8 percent, while the largest decliner was Prometic Life Sciences, down 5.6 percent.

* Four of the index’s 10 main groups ended higher. The TSX posted 1 new 52-week high and 5 new lows.

* Canadian housing starts slowed slightly in March and building permits dipped in February, but overall residential construction activity remained strong, latest reports showed.

Reporting by Fergal Smith; Editing by Phil Berlowitz

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