TSX Clings to Triple-Digit Gain As Miners, Energy Continue to Lead Widespread Climb; Up 157 Points Mid-Afternoon
The TSX held on to huge gains and was ahead by 157 points in the mid-afternoon session as stocks follow mining and energy shares higher.
Investors have set aside disappointing Canadian GDP data and focused instead on a U.S. EIA report that revealed a 5.9 million barrels drop in crude inventories from the previous week.
Adding to the already cheery mood is a statement from OPEC in the oil cartel's world oil report that said: "Current medium-term supply projections represent a downward revision of 1 mb/d compared to last year's Outlook, primarily due to the lower oil price environment and resulting investment cuts."
Brent crude was last up 3.3% at US$37.29/barrel, while the WTI crude rose 3.6% to US$37.44/barrel.
The mining and energy groups advanced 8.3% and 4.7%, respectively. Other significant gainers were healthcare and utilities, which were both ahead by 1%.
Total volume traded already exceeded 228 million shares. First Quantum Minerals (FM.TO) was the most actively traded stock.
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