December 16, 2019 / 1:08 PM / a month ago

TSX rises on preliminary U.S.-China trade deal

(Reuters) - Canada’s main stock index rose for the third straight day on Monday after the United States and China struck a preliminary trade deal, and as shares of cinema operator Cineplex surged after a $1.65 billion buyout deal.

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

* U.S. President Donald Trump’s top trade negotiator praised a “phase one” U.S.-China trade deal which is expected to nearly double U.S. exports to China over the next two years, while China remained cautious ahead of the signing of the agreement.

* Cineplex’s shares soared 41%, leading gainers on the TSX, after British peer Cineworld said it would buy the company as it looks to tackle increasing competition from online streaming services.

* At 9:44 a.m. ET (1444 GMT), the Toronto Stock Exchange’s S&P/TSX Composite index was up 39.93 points, or 0.23%, at 17,043.06.

* Six of the index’s 11 major sectors were higher, led by the energy sector, which climbed 0.7% as oil prices held near three-month highs on trade optimism.

* U.S. crude prices were up 0.1% a barrel, while Brent crude added 0.4%. [O/R]

* On the TSX, 153 issues were higher, while 72 issues declined for a 2.13-to-1 ratio favoring gainers, with 18.68 million shares traded.

* Hexo Corp (HEXO.TO) fell 5.4%, the most on the TSX, after the cannabis producer reported quarterly results.

* The most heavily traded shares by volume were shares of Largo Resources (LGO.TO), Touchstone Exploration Inc (TXP.TO), and Aurora Cannabis (ACB.TO).

* The TSX posted nine new 52-week highs and no new low.

* Across all Canadian issues there were 92 new 52-week highs and seven new lows, with total volume of 45.84 million shares.

Reporting by Shreyashi Sanyal in Bengaluru; Editing by Amy Caren Daniel

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