TSX rises as industrial stocks gain after Trump comment

(Reuters) - Canada’s main stock index reversed course to trade higher on Tuesday, led by gains in industrial stocks, after U.S. President Donald Trump said he thought there will “a great deal” with China on trade.

Businessmen pass the Toronto Stock Exchange sing in Toronto, Ontario, Canada July 6, 2017. REUTERS/Chris Helgren

* However, Trump warned he has billions of dollars worth of new tariffs ready to go if a deal isn’t possible.

* Industrials rose 1.08 percent, the most among the eight main sectors that were trading higher.

* At 9:47 a.m. ET (13:47 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 75.46 points, or 0.51 percent, at 14,797.21.

* The Canadian dollar was little changed against its broadly stronger U.S. counterpart, as oil prices declined and investors awaited fresh clues on interest rates from Bank of Canada Governor Stephen Poloz.

* The heavyweight financial sector rose 0.74 percent and its gains were led by Manulife Financial Corp.

* Manulife rose 5.6 percent and was the second-biggest percentage gainer on the TSX after the company said it would ask a court in Saskatchewan to dismiss claims made against it by a hedge fund.

* The largest percentage gainer on Canada’s main index was Cannabis producer Aphria, which jumped 7.7 percent.

* On the TSX, 173 issues were higher, while 66 issues declined for a 2.62-to-1 ratio favoring gainers, with 29.81 million shares traded.

* Guyana Goldfields plunged 51.3 percent, the most on the TSX, after reporting its third-quarter results and slashing its production guidance for gold in 2018.

* The second biggest decliner was Eldorado Gold, down 5.3 percent.

* Among the most heavily traded shares by volume were Aurora Cannabis and Aphria.

* The TSX posted no new 52-week highs and 28 new lows.

* Across all Canadian issues there were three new 52-week highs and 91 new lows, with total volume of 41.78 million shares.

Reporting by Amy Caren Daniel in Bengaluru; Editing by Arun Koyyur