Markets

TSX Up 74 Points at Midday; Energy, Miners In The Lead As Commodities Support

The Canadian main stock index was up by 74 points at midday, although it has already given back some of its earlier gains.

The commodity-sensitive TSX benefited from the ongoing tension between Ukraine and Russia, which drove gold, copper, and oil prices to boost mining and energy stocks.

"We've got lots of momentum here...I'm reasonably positive on the oil sector," Northland Wealth Management Portfolio Manager David Cockfield reportedly said while adding he believes the Canadian stock market would outperform its U.S. counterpart but would have to go through a correction at some point.

Mining was the strongest sector, up 3%, with gold and copper prices rising 0.9% and 2%, respectively. Energy was also a huge gainer, up 0.9%, boosted by crude oil prices that rose 0.7% to above $100 levels. Industrials were also up 0.9%.

Only the utilities sector was losing, down 0.2%.

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

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


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

Other Topics

Commodities

Latest Markets Videos

    MTNewswires

    Founded in 1999, MT Newswires (formerly known as Midnight Trader) is a leading provider of original source, multi-asset class, real-time, global financial news and information to most of the largest banks, brokerage firms and professional market data, trading & research applications in North America.

    Learn More