TSX Rallies 161 Points Mid-Afternoon As Resource Extend Climb
The TSX surged 161 points in the mid-afternoon session, as energy and mining stocks continued to climb with commodity prices.
Action Economics said prospects for an OPEC agreement to curb, or at least cap production apparently improved after Russia's Putin said over the weekend that there is a "high probability" for agreement at the Nov. 30 OPEC meeting in Vienna. Iran has said it expects prices to rebound 25% on the back of an accord, which would take WTI crude to near the $60/bbl mark. That in turn, would likely see U.S. shale production ramp up once again, potentially "unbalancing" any OPEC output caps.
Mining and metals advanced 1.4% and 1.9%, respectively, while energy rallied 2.9%. Info tech and telecom were still in the red, down 0.02% and 0.2%, respectively.
Total volume traded was 241.8 million shares. Canopy Growth (CGC.TO) was the most actively traded stock.
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