(Reuters) - Canada’s main stock index rose on Tuesday, as rising oil prices boosted shares of energy companies.
- At 9:33 a.m. ET (1333 GMT), the Toronto Stock Exchange’s S&P/TSX Composite index .GSPTSE was up 63.24 points, or 0.39 percent, at 16,483.48.
- Oil prices rose with revived U.S. sanctions against major crude exporter Iran expected to tighten global supply.
- Nine of the index’s 11 major sectors were higher, led by a 1.1 percent gain in the energy sector .SPTTEN.
- U.S. crude CLc1 prices were up 0.3 percent, while Brent crude LCOc1 added 0.9 percent. [O/R]
- U.S. President Donald Trump pledged that firms doing business with Tehran would be barred from the United States as new U.S. sanctions against Iran took effect in spite of pleas from Washington’s allies.
- The Canadian dollar strengthened to a nearly eight-week high against its U.S. counterpart as oil prices rose and the greenback broadly fell.
- On the earnings front, Bausch Health Cos (BHC.TO), formerly known as Valeant Pharmaceuticals, topped analysts’ estimates for quarterly profit, sending its shares up about 4 percent.
- The materials sector .GSPTTMT, which includes precious and base metals miners, added 0.1 percent as gold and copper prices gained on a softer dollar. [GOL/] [MET/L]
- Mexico’s economy minister Ildefonso Guajardo said on Monday the country has put forward a proposal to update NAFTA’s contentious rules of origin, and in turn was studying the U.S. position.
- On the TSX, 151 issues were higher, while 79 issues declined for a 1.91-to-1 ratio favouring gainers, with 9.13 million shares traded.
- The TSX posted five new 52-week highs and one new low.
- Across all Canadian issues there were 16 new 52-week highs and 17 new lows, with total volume of 18.42 million shares.
Reporting by Shreyashi Sanyal in Bengaluru; Editing by Maju Samuel