(Reuters) - Canada’s main stock index reversed course to turn sharply higher after Washington decided to delay 10% tariffs on some Chinese products, including laptops and cell phones, that were scheduled to kick in next month.
At 9:47 a.m. ET (13:47 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 39.88 points, or 0.25%, at 16,277.65.
Other products whose tariffs will be delayed until Dec. 15 include “computers, video game consoles, certain toys, computer monitors, and certain items of footwear and clothing,” the Office of the U.S. Trade Representative said in a statement.
The news lifted global equities, which were trading lower as investors turned to safe haven assets on fears of a long-drawn trade war.
Ten of the index’s 11 major sectors were higher.
The energy sector climbed 1.0% as U.S. crude prices were up 2.4% a barrel, while Brent crude added 2.8%. [O/R]
The heavyweight financials sector gained 0.7%, while the industrials sector rose 0.8%.
The materials sector, which includes precious and base metals miners and fertilizer companies, lost 2.4% as gold futures rose 0.3% to $1,509 an ounce. [GOL/] [MET/L]
On the TSX, 153 issues were higher, while 81 issues declined for a 1.89-to-1 ratio favouring gainers, with 44.55 million shares traded.
The largest percentage gainers on the TSX were Stars Group Inc, which jumped 6.6% and Turquoise Hill Resources Ltd, which rose 4.9%.
Yamana Gold Inc fell 9.4%, the most on the TSX, and the second biggest decliner was First Majestic Silver Corp, down 6.9%.
The most heavily traded shares by volume were Yamana Gold, B2gold Corp and Barrick Gold.
The TSX posted five new 52-week highs and 10 new lows.
Across all Canadian issues there were 25 new 52-week highs and 34 new lows, with total volume of 78.40 million shares.
Reporting by Medha Singh in Bengaluru