TSX Climbs 112 Points At Midday; Energy Stocks Lead Broad Surge
Canada's benchmark index shot up by 112 points at midday, reaching 14415.85, as investors take courage from the most recent economic data from China, one of Canada's largest trading partners.
Data showed the Asian giant's economy expanded 7.4% in Q1, sending all of the TSX's main sectors higher. Bullish industrial production numbers from the U.S. also provided support. Scotia McLeod Portfolio Manager Stan Wong reportedly said: "The TSX does offer value in the financial space. The banks and insurers will continue to do well."
Of the major sectors, energy posted the biggest gain, 1.2%, despite falling crude oil and natural gas prices . Info tech followed, up 1.0%. Miners rose 0.6%, with the price of the bullion edging 0.03% higher. Financials were up 0.5%.