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TSX gains on upbeat trade data, Fed's new approach

Credit: REUTERS/CHRIS HELGREN

Canada's main stock index rose on Thursday, lifted by tentative signs of a rebound in domestic trade activity, while U.S. Federal Reserve Chair Jerome Powell's new aggressive strategy to support the U.S. economy further bolstered sentiment.

Aug 27 (Reuters) - Canada's main stock index rose on Thursday, lifted by tentative signs of a rebound in domestic trade activity, while U.S. Federal Reserve Chair Jerome Powell's new aggressive strategy to support the U.S. economy further bolstered sentiment.

* Canada's current account deficit narrowed to C$8.63 billion in the second quarter from a revised C$13.22 billion deficit in the first quarter, on a lower trade deficit on both goods and services, Statistics Canada said.

* Adding to the upward spiral, Powell rolled out a new strategy to restore the United States to full employment and lift inflation back to healthier levels.

* At 0943 a.m. ET (1343 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was up 37.43 points, or 0.22%, at 16,827.4.

* The financials sector .SPTTFS gained 1% as Toronto-Dominion Bank TD.TO and Canadian Imperial Bank of Commerce CM.TO jumped 1.2% and 1.8%, respectively, after both lenders topped analysts' expectations for the third quarter.

* The energy sector .SPTTEN fell 0.5% as U.S. crude CLc1 prices were down 0.3% a barrel, while Brent crude LCOc1 lost 0.5%. O/R

* The materials sector .GSPTTMT, which includes precious and base metals miners and fertilizer companies, lost 0.6% even though gold futures GCc1 rose 1.6% to $1,972.5 an ounce. GOL/

* On the TSX, 111 issues were higher, while 103 issues declined for a 1.08-to-1 ratio favouring gainers, with 19.66 million shares traded.

* The largest percentage gainer in the TSX was Tricon Residential Inc <TCN.TO>, which jumped 6.1% after Blackstone Real Estate Income Trust, Inc agreed to invest $300 million in the rental housing company.

* BRP Inc <DOO.TO> rose 5.1% after the all-terrain vehicle maker reported a surprise second-quarter profit.

* Gold miner Equinox Gold Corp <EQX.TO> fell 2.8%, the most in the TSX index, while the second-biggest decliner was Real Matters Inc <REAL.TO>, down 2.3%.

* The most heavily traded shares by volume were Sun Life Financial Inc <SLF.TO>, Northern Dynasty Minerals Ltd <NDM.TO> and Air Canada <AC.TO>.

* The TSX posted three new 52-week highs and no new lows.

* Across all Canadian issues, there were 41 new 52-week highs and six new lows, with total volume of 35.29 million shares.

(Reporting by Amal S in Bengaluru, Editing by Sherry Jacob-Phillips)

((Amal.S@thomsonreuters.com; within U.S.+1 646 223 8780; outside U.S. +91 80 6749 3677;))

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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