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TSX Up 53 Points at Midday As Resources Drive Gains

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The TSX rose 53 points at midday, lifted mostly by strong energy and material stocks.

Oil was up by nearly 2%, and Action Economics said U.S. API data showed an unexpected 0.5 million barrel draw down in crude inventories in the latest reporting week, contrary to the median expectation for an increase of 3.7 million barrels. Gasoline and distillate inventories also declined more than expected in the API report. This helped offset the news yesterday of OPEC's reported rise in global crude stocks and the unexpected output increase in Saudi production.

Energy and materials were ahead by 1.2% and 1.5%, respectively. Only financials and healthcare were in the red, both off 0.1%.

Total volume traded so far was 148.2 million shares. Cenovus Energy (CVE.TO) was the most actively traded stock.

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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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