US Markets

TSX on pace for fourth day of gains on upbeat trade comments

Credit: REUTERS/CHRIS HELGREN

Canada's main stock index was on track for the fourth day of gains on Thursday after the United States and China indicated they would return to the negotiating table, lifting investors hopes of a resolution to the long-drawn trade dispute.

Aug 29 (Reuters) - Canada's main stock index was on track for the fourth day of gains on Thursday after the United States and China indicated they would return to the negotiating table, lifting investors hopes of a resolution to the long-drawn trade dispute.

* After the two sides imposed tit-for-tat tariffs last week, China said they were discussing face-to-face trade negotiations in September and expressed willingness to resolve the issue calmly.

* Meanwhile, U.S. President Donald Trump said in a Fox News radio interview that trade talks were scheduled for Thursday, "at a different level."

* At 9:34 a.m. ET (13:34 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was up 112.92 points, or 0.69%, at 16,384.57.

* Nine of the index's 11 major sectors were higher, led by the 1.2% climb in the energy sector .SPTTEN.

* U.S. crude CLc1 prices were up 0.4% a barrel, while Brent crude LCOc1 slipped 0.5%. O/R

* The financials sector .SPTTFS gained 0.8%, while the industrials sector .GSPTTIN gained 1%.

* The materials sector .GSPTTMT, which includes precious and base metals miners and fertilizer companies, added 0.1% as gold futures GCc1 rose 0.2% to $1,541.8 an ounce. GOL/MET/L

* On the TSX, 197 issues were higher, while 34 issues declined for a 5.79-to-1 ratio favouring gainers, with 7.18 million shares traded.

* The largest percentage gainers on the TSX were ATV maker BRP Inc <DOO.TO>, which jumped 6.8% after posting better-than-expected profit, and Alacer Gold Corp <HBM.TO>, which rose 5%.

* Alacer Gold Corp <ASR.TO> fell 1.6%, the most on the TSX. The second biggest decliner was Transcontinental Inc <TCLa.TO>, down 1.5%.

* The most heavily traded shares by volume were Harte Gold Corp <HRT.TO>, Encana Corp <ECA.TO> and Barrick Gold <ABX.TO>.

* The TSX posted six new 52-week highs and no new low.

* Across all Canadian issues there were 35 new 52-week highs and one new low, with total volume of 13.61 million shares.

(Reporting by Medha Singh in Bengaluru; Editing by Arun Koyyur)

((Medha.Singh@thomsonreuters.com; within U.S. +1646 223 8780, outside U.S. +91 80 6749 1130; Twitter: https://twitter.com/medhasinghs;))

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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