November 25, 2019 / 3:00 PM / 14 days ago

CANADA STOCKS-TSX set to break 5-day losing streak on improving trade sentiment

Nov 25 (Reuters) - Canada’s main stock index rose for the first time in six sessions on Monday, as appetite for riskier assets improved around the globe after a report sparked hopes of a trade truce between the United States and China.

* At 9:39 a.m. ET (1439 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 48.47 points, or 0.29%, at 17,003.31.

* A Chinese state-backed newspaper said on Monday, Beijing and Washington were “very close” to an initial trade agreement, adding to optimism sparked by comments over the weekend by a U.S. trade adviser that a deal was still possible this year.

* Also helping the mood was deal making activity.

* Detour Gold Corp jumped nearly 5% after bigger rival Kirkland Lake Gold Ltd agreed to buy the miner for about C$4.89 billion ($3.68 billion) in an all-stock deal. Kirkland Lake shares fell nearly 16%.

* Kirkland Lake’s shared declined the most on the TSX and weighed on the broader materials index, which shed 0.4%.

* Data showed Canadian wholesale trade increased by 1% in September from August on stronger sales in the machinery, equipment and supplies subsector, as well as personal and household goods.

* The energy sector dropped 0.5% as U.S. crude prices were down 0.3% a barrel, while Brent crude was flat.

* On the TSX, 149 issues were higher, while 70 issues declined for a 2.13-to-1 ratio favoring gainers, with 23.59 million shares traded.

* The largest percentage gainers on the TSX were shares of Hexo Corp, which jumped 8.1% followed by Detour Gold.

* The most heavily traded shares by volume were Husky Energy , Nemaska Lithium and Aurora Cannabis.

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

* Across all Canadian issues there were 61 new 52-week highs and six new lows, with total volume of 39.13 million shares. (Reporting by Shreyashi Sanyal in Bengaluru; Editing by Shinjini Ganguli)

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