(Reuters) - Canada’s main stock index was set to snap a two-day losing streak on Wednesday, as latest media reports raised hopes that the United States and China would make progress in resolving their prolonged trade war during this week’s high-level talks.
China was open to a partial trade deal with the U.S., a Bloomberg report said, despite the recent blacklisting Chinese technology firms.
Adding to the upbeat mood, was a report by the Financial Times that Beijing was offering to increase its annual purchases of U.S. agricultural products.
The world’s top two economies are scheduled to begin their high-level trade talks on Thursday.
At 9:41 a.m. ET (13:41 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 57.4 points, or 0.35%, at 16,351.35.
Eight of the index’s 11 major sectors were trading higher.
The energy sector climbed 0.4% as U.S. crude prices were up 1.7% a barrel, while Brent crude added 1.6%. [O/R]
The financials sector gained 0.3%, and the industrials sector rose 0.5%.
The materials sector, which includes precious and base metals miners and fertilizer companies, added 0.1% as gold futures rose 0.6% to $1,505.8 an ounce. [GOL/] [MET/L]
On the TSX, 162 issues were higher, while 61 issues declined for a 2.66-to-1 ratio favoring gainers, with 9.98 million shares traded.
The most heavily traded shares by volume were Green Organic Dutchman Holdings Ltd (TGOD.TO) and Aurora Cannabis.
The TSX posted four new 52-week highs and no new low.
Across all Canadian issues there were seven new 52-week highs and five new lows, with total volume of 19.16 million shares.
Reporting by Medha Singh in Bengaluru; Editing by Amy Caren Daniel