TSX Up 33 Points at Midday As Energy Shares Support; Miners Lose Shine Despite Rising Gold Prices

By MidnightTrader.com Staff,

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The Canadian benchmark index was up 33 points at midday, reaching 14995.55, after energy shares benefited from the continuing crisis in Iraq that boosted oil prices due to worries over oil supply. Reports said militants seized control of several small oilfields and attacked air bases.

Energy rose 0.58% after crude oil jumped 0.13% to above US$106 levels. Northland Wealth Management Portfolio Manager David Cockfield reportedly said: "I'm still bullish on energy shares. I see very good earnings this quarter, so the multiples are not out of line."

Industrials were also in the green, up 0.39%, with Bombardier (BBD-B.TO) being the most actively traded stock. The heavyweight financials gained 0.11%.

Meanwhile, mining shares tumbled 1.16%. This is despite gold prices rising 0.18% after the U.S. posted a bigger-than-expected drop in economic growth in the first quarter. Info tech shares were also sharply lower, down 0.91%.

More than 117 million shares have changed hands so far. There were 633 advancers and 694 decliners.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing Commodities
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