US Markets

TSX notches 6-week highs on trade optimism, upbeat earnings

Credit: REUTERS/MARK BLINCH

Canada's main stock index scaled six-week highs on Thursday, led by energy shares, as investor sentiment was boosted by signals that a "phase one" U.S.-China trade deal was close to being finalized.

Nov 7 (Reuters) - Canada's main stock index scaled six-week highs on Thursday, led by energy shares, as investor sentiment was boosted by signals that a "phase one" U.S.-China trade deal was close to being finalized.

China's commerce ministry said the world's two economic giants were working on a deal that would roll back trade tariffs in different stages.

* At 1002 a.m. ET (15:02 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was up 80.29 points, or 0.48%, at 16,825.93.

* The energy sector .SPTTEN climbed 2.4% to its highest since Oct. 1 as U.S. crude CLc1 prices were up 1.9% a barrel, while Brent crude LCOc1 added 1.2%. O/R

* The financials sector .SPTTFS gained 0.6%. The industrials sector .GSPTTIN rose 0.7%.

* The materials sector .GSPTTMT, which includes precious and base metals miners and fertilizer companies, lost 0.5% as gold futures GCc1 fell 0.4% to $1,484.4 an ounce. GOL/MET/L

* On the TSX, 154 issues were higher, while 75 issues declined for a 2.05-to-1 ratio favouring gainers, with 43.13 million shares traded.

* The largest percentage gainers on the TSX were Stantec Inc <STN.TO>, which jumped 9.5% after quarterly results beat estimates, and Chemtrade Logis <CHE_u.TO>, which rose 7.5% after an upgrade to 'buy' from Desjardins.

* Kinross Gold <K.TO> fell 11.2%, the most on the TSX. Semafo SMF.TO lost after the gold miner said five of its buses with a military escort came under fire on the road leading to its Boungou mine in the eastern region of Est in Burkina Faso.

* The most heavily traded shares by volume were Enbridge Inc <ENB.TO>, up 0.1%; Bombardier B <BBDb.TO>, up 2.9% and Manulife Finl <MFC.TO>, up 2.9%.

** Insurers Manulife and Sun Life SLF.TO rose after beating analysts' quarterly profit estimates, driven by strong demand in Asia, especially Hong Kong.

* Pot producer Canopy Growth WEED.TO rose after it teamed with Canadian rapper Drake to launch More Life Growth Co, a fully licensed producer of cannabis, based in the artiste's hometown, Toronto.

* The TSX posted 16 new 52-week highs and no new lows.

* Across all Canadian issues there were 107 new 52-week highs and 13 new lows, with total volume of 67.44 million shares.

(Reporting by Susan Mathew in Bengaluru; Editing by Arun Koyyur)

((susan.mathew@thomsonreuters.com; +91-80-6749-1130;))

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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