TSX Climbs 106 Points at Midday, Boosted by Energy Stocks
The TSX surged by 106 points at midday, as the rally in energy stocks continued, with oil prices drawing strength from OPEC's agreement to cut production.
Brent was back above US$50/barrel, having rallied by more than 8%, after Reuters said the OPEC finally agreed to reduce production for the first time since 2008. Algeria was reportedly proposing to decrease the output ceiling to 32.5 million barrels per day.
The energy group advanced 8.3%, offsetting losses in other sectors. Miners shed 1.1%.
Total volume traded so far was 241.4 million shares. Baytex Energy (BTE.TO) was the most actively traded stock.
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