July 10, 2019 / 2:23 PM / 3 months ago

CANADA STOCKS-TSX rises as BoC holds rates, raises Q2 growth forecast

July 10 (Reuters) - Canada’s main stock index rose on Wednesday, as the Bank of Canada held interest rates steady and raised its second-quarter growth forecast as expected, while highlighting the risks that trade wars posed to the global economy.

* At 10:06 a.m. ET (1406 GMT), the Toronto Stock Exchange’s S&P/TSX Composite index was up 88.19 points, or 0.53%, at 16,633.4.

* The Canadian central bank, which has sat on the sidelines since last October amid an economic slowdown, maintained its key overnight rate at 1.75% and made no mention of future rate moves.

* The bank raised its second-quarter annualized growth forecast to 2.3% from 1.3%, in part due to temporary factors such as the reversal of weather-related softness and a surge in oil-exports.

* The financials sector gained 0.4%.

* Eight of the index’s 11 major sectors were higher, led by the energy sector climbed 2.3%.

* The as U.S. crude prices were up 3%, while Brent crude added 2.8%.

* Oil prices rose after industry data showed U.S. inventories fell more than expected and as major U.S. producers evacuated rigs in the Gulf of Mexico before a storm.

* On the TSX, 165 issues were higher, while 63 issues declined for a 2.62-to-1 ratio favouring gainers, with 34.87 million shares traded.

* The top percentage gainers on the TSX were Gran Tierra Energy, which jumped 7.8% after and operations update followed by shares of Torex Gold Resources, which rose 6.1%.

* Canntrust Holdings fell 7.2%, the most on the TSX, followed by shares of Interfor Corp, down 2%.

* The most heavily traded shares by volume were Encana Corp , Street Capital Group and Canntrust Holdings.

* The TSX posted 12 new 52-week highs and one new low.

* Across all Canadian issues there were 39 new 52-week highs and six new lows, with total volume of 57.94 million shares. (Reporting by Shreyashi Sanyal in Bengaluru; Editing by Arun Koyyur)

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