CANADA STOCKS-Toronto index edges up as energy stocks boost

(Updates prices, adds analyst comment)

By Amal S

Jan 5 (Reuters) - Canada's main stock index rose on Wednesday, aided by energy and mining stocks, with investors watching out for the minutes of the Federal Reserve's latest meeting amid growing concerns about a tighter U.S. monetary policy.

At 9:34 a.m. ET (1434 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 36.11 points, or 0.17%, at 21,272.63, extending gains from the prior session.

The energy sector climbed 2.3% as oil prices held near $80 a barrel on Wednesday after OPEC+ producers stuck to an agreed output target rise for February.

"We've got rising energy prices, boosting the energy sector as well gold is just holding in there, so the sectors that are commodity weighted are doing really well and that's helping to boost Canada," said Colin Cieszynski, chief market strategist at SIA Wealth Management.

The benchmark index gained 22% in 2021, its best yearly performance since 2009, supported by massive stimulus, vaccine rollouts and hopes of a global economic recovery.

The materials sector, which includes precious and base metals miners and fertilizer companies, added 0.5% as gold prices edged higher after rising Omicron variant coronavirus cases helped its safe-haven appeal.

Limiting gains on the TSX, technology stocks fell 1.8% mirroring weakness in the U.S. tech-heavy Nasdaq index.

On the economic front, the value of Canadian building permits increased by 6.8% in November from October, with seven of the 10 provinces recording gains, Statistics Canada said on Wednesday.


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

Across all Canadian issues there were 60 new 52-week highs and nine new lows, with total volume of 21.76 million shares.

(Reporting by Amal S in Bengaluru; Editing by Amy Caren Daniel)

Copyright © Reuters 2008. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.

Search News

Filter Results

Publication Date

News, commentary and research reports are from third-party sources unaffiliated with Fidelity. Fidelity does not endorse or adopt their content. Fidelity makes no guarantees that information supplied is accurate, complete, or timely, and does not provide any warranties regarding results obtained from their use.