August 14, 2018 / 11:33 AM / in 3 months

TSX advances as oil prices boost energy stocks

(Reuters) - Canada’s main stock index climbed on Tuesday as higher oil prices lifted energy stocks and concerns around Turkey’s currency crisis receded.

A sign board displaying Toronto Stock Exchange (TSX) stock information is seen in Toronto June 23, 2014. REUTERS/Mark Blinch

At 9:43 a.m. ET (1343 GMT), the Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE was up 30.87 points, or 0.19 percent, at 16,281.62.

Turkey’s lira TRYTOM=D3 eased after the country’s central bank moved to ease pressure on the currency, which had plummeted to an all-time low of 7.24 to the dollar early on Monday.

Six of the index’s 11 major sectors were trading higher.

The biggest boost to the index was the energy sector .SPTTEN, which rose 0.9 percent, with boost from nearly 1 percent gain in Suncor Energy (SU.TO) and Canadian Natural Resources (CNQ.TO).

Oil prices gained more than a percent as Saudi Arabia’s production cut and U.S. sanctions on Iran fueled concerns over global supply. U.S. crude CLc1 prices were up 1.5 percent a barrel, while Brent crude LCOc1 added 1.7 percent.

The financials sector .SPTTFS also supported the main index with a 0.2 percent rise. Toronto-Dominion Bank (TD.TO), Manulife Financial Corp (MFC.TO) and Royal Bank of Canada (RY.TO) added between 0.3 percent to 1 percent and led the financial index higher.

The materials sector .GSPTTMT, which includes precious and base metals miners and fertilizer companies, lost 0.4 percent. Gold prices eased slightly but hovered at 18-month lows.

Gold futures GCc1 rose 0.4 percent to $1,195.5 an ounce, while copper prices CMCU3 declined 1.8 percent to $6,045 a tonne.

The largest percentage gainers on the TSX were Element Fleet Management (EFN.TO), which jumped 7.6 percent after posting second quarter results and Eldorado Gold (ELD.TO), which rose 4 percent.

Home Capital Group (HCG.TO) fell 4.6 percent, the most on the TSX, after the Canadian lender issued its second quarter report. The second biggest decliner was Canopy Growth Co (WEED.TO), down 4.4 percent.

The most heavily traded shares by volume were Bombardier B (BBDb.TO), Aurora Cannabis (ACB.TO) and Hydro One Limited (Hir.TO).

On the TSX, 145 issues were higher, while 86 issues declined for a 1.69-to-1 ratio favouring gainers, with 10.15 million shares traded.

The TSX posted three new 52-week highs and four new lows.

Across all Canadian issues there were five new 52-week highs and 22 new lows, with total volume of 17.17 million shares.

Reporting by Medha Singh in Bengaluru; Editing by Arun Koyyur

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