May 12, 2020 / 2:37 PM / in 23 days

CANADA STOCKS-TSX gains on oil price surge as Saudi pledges production cuts

May 12 (Reuters) - Canada’s main stock index rose on Tuesday, steered by energy stocks as oil prices gained on Saudi Arabia’s unexpected commitment to extend production cuts in June to help drain a supply glut built up due the coronavirus crisis.

* 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 0.26%, at 15,143.1.

* The energy sector climbed 1.8% as U.S. crude prices rose 5.7% a barrel, while Brent crude gained 2.3%.

* The financials sector gained 0.1%, while the industrials sector fell 0.3%.

* The materials sector, which includes precious and base metals miners and fertilizer companies, added 0.7% as gold futures rose 0.3% to $1,700 an ounce.

* On the TSX, 116 issues rose and 103 fell for a 1.13-to-1 ratio favouring gainers, with 22.60 million shares traded.

* The largest percentage gainers on the TSX were technology and network management company Real Matters Inc, which jumped 4.8%, and Canadian Natural Resources Ltd, which rose 3.4%.

* Aurora Cannabis Inc fell 4.8%, the most on the TSX, after two brokerages lowered their price target on the stock.

* The second-biggest decliner was fleet management company Element Fleet Management Corp, down 4.3%, after multiple brokerages cut price target on the stock.

* The most heavily traded shares by volume were Freegold Ventures Ltd, down 5.9%; B2gold Corp, up 1.0% and Bombardier Inc, up 1.2%.

* The TSX posted four new 52-week highs and no new lows.

* Across all Canadian issues there were 16 new 52-week highs and two new lows, with total volume of 45.26 million shares. (Reporting by Amal S in Bengaluru; Editing by Vinay Dwivedi)

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