October 22, 2019 / 11:31 AM / a month ago

TSX rises on Trudeau's re-election but energy sector lags

(Reuters) - Canada’s main stock index rose on Tuesday as investors cheered the re-election of a Liberal government under Prime Minister Justin Trudeau, but concerns over a minority government’s ability to build new oil pipelines pulled energy shares lower.

FILE PHOTO: The Toronto Stock Exchange sign is seen in Toronto, Ontario, Canada July 6, 2017. REUTERS/Chris Helgren

* At 9:50 a.m. ET (13:50 GMT), the Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE was up 44.04 points, or 0.27%, at 16,462.49.

* Trudeau’s Liberals held onto power after a closely fought election on Monday but were reduced to a minority.

* Ten of the index’s 11 major sectors were higher, with only energy .SPTTEN down as a minority leaves Trudeau in need of support from Left-leaning parties that are opposed to new oil pipelines

* The financials sector .SPTTFS gained 0.3%, while industrials .GSPTTIN rose 0.5%.

* The materials sector .GSPTTMT, which includes precious and base metals miners, added 0.4% despite gold futures GCc1 being unchanged.

* On the TSX, 164 issues were higher, while 63 issues declined for a 2.60-to-1 ratio favouring gainers, with 12.81 million shares traded.

* The largest percentage gainers on the TSX were Lavalin Group Inc (SNC.TO) and West Fraser Timber Co Ltd (WFT.TO).

* Methanex Corp (MX.TO) fell 4.4%, the most on the TSX, while the second biggest decliner was Ballard Power Systems Inc (BLDP.TO), down 2.9%.

* The most heavily traded shares by volume were Wallbridge Mining Co Ltd (WM.TO), Spectra7 Microsystems Inc (SEV.TO), and Aurora Cannabis (ACB.TO).

* The TSX posted six new 52-week highs and two new lows.

* Across all Canadian issues there were 10 new 52-week highs and seven new lows, with total volume of 26.32 million shares.

Reporting by Agamoni Ghosh; Editing by Sriraj Kalluvila

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