April 7, 2020 / 2:12 PM / 4 months ago

CANADA STOCKS-TSX rises for second day on coronavirus slowdown hopes

April 7 (Reuters) - Canada’s main stock index rose for a second straight session on Tuesday, as gains in oil prices boosted energy stocks, while signs of slowdown in coronavirus fatalities in major economies lifted sentiment.

* The energy sector climbed 3.8%, tracking a rise in oil prices on hopes of global production cuts.

* U.S. crude prices were up 0.6% a barrel, while Brent crude added 1.9%.

* Global stocks also enjoyed a second day of gains as some of the hardest hit countries in Europe and a few U.S. hotspots showed signs of slowing death rates.

* At 9:44 a.m. ET (13:44 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 380.32 points, or 2.8%, at 13,973.02.

* On Monday, the index rose about 5% and posted its best day in nearly 2 weeks.

* A special Bank of Canada survey showed Canadian firms in the accommodation, food services and recreation sectors have already seen demand collapse during the coronavirus outbreak, while other sectors are still bracing for a looming economic hit.

* The largest percentage gainers on the TSX were Mullen Group Ltd, a logistics company serving the energy industry, which jumped 18%, and oil sands company MEG Energy Corp, which rose 15.9%.

* The materials sector, which includes precious and base metals miners and fertilizer companies, lost 0.8% as gold futures fell 0.2% to $1,673.5 an ounce.

* Franco-Nevada Corp fell 4.4%, the most on the TSX, while the second biggest decliner was Barrick Gold , down 3.1%.

* On the TSX, 208 issues were higher, while 23 issues declined for a 9.04-to-1 ratio favouring gainers, with 40.53 million shares traded.

* The most heavily traded shares by volume were Cenovus Energy and Crescent Point.

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

* Across all Canadian issues there were three new 52-week highs and two new lows, with total volume of 66.02 million shares. (Reporting by Medha Singh in Bengaluru; Editing by Amy Caren Daniel)

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