(Reuters) - Canada’s main stock index edged up on Tuesday, as energy stocks gained from steadying oil prices while materials were lifted by slightly higher gold.
- At 9:36 a.m. ET (1336 GMT), the Toronto Stock Exchange’s S&P/TSX Composite index was up 75.21 points, or 0.46 percent, at 16,496.05. - Nine of the index’s 11 major sectors were higher, led by the energy sector, which climbed 0.9 percent.
- Oil prices steadied as tension between the United States and Iran highlighted risks to supply and trade disputes raised prospects for slower economic growth and weaker energy demand.
- U.S. crude and Brent crude prices added 0.3 percent each. [O/R]
- The materials sector, which includes precious and base metals miners, added 1.3 percent as gold ticked higher and aluminum hit a two-week high. [GOL/] [MET/L]
- Gold rose as the U.S. dollar slipped, but struggled to stabilize after weeks of losses.
- On the earnings front, Canadian National Railway Co is set to post its quarterly results after market close. The company earlier on Tuesday gave interim Chief Executive Officer Jean-Jacques Ruest the role on a permanent basis.
- Shares of Canadian National Railway gained 0.3 percent.
- The chief trade negotiator of the incoming Mexican administration, Jesus Seade, said he expected the renegotiation of NAFTA to be agreed in the next few months.
- The financials sector also added 0.4 percent.
- On the TSX, 174 issues were higher, while 64 issues declined for a 2.72-to-1 ratio favoring gainers, with 12.24 million shares traded.
- Top percentage gainers on the TSX were shares of First Quantum Minerals, which jumped 6.4 percent, and Lundin Mining, which rose 5.8 percent.
- Torex Gold Resources fell 16.5 percent to become top decliner on the TSX after a downgrade from TD Securities. Gildan Activewear, down 4.7 percent, was the second-biggest decliner.
- The most heavily traded shares by volume were Aurora Cannabis, Trevali Mining and Hudbay Minerals.
- The TSX posted two new 52-week highs and two new lows.
- Across all Canadian issues, there were 11 new 52-week highs and 12 new lows, with total volume of 17.97 million shares.
Reporting by Shreyashi Sanyal in Bengaluru; Editing by Maju Samuel