TSX Surges to 19-Month High on Mixed Sectors -- Energy Lead Gainer on Production Cut News
The TSX is up 44 points to a 19 month high. Energy is the biggest gaining sector, up 3.72%, followed by miners, which has gained over 1%.
Crude oil is up 4.2% to US$53.66 after OPEC and some of its rivals reached their first deal since 2001 to cut output to try to tackle global oversupply and boost prices.
Reuters reports that on Saturday, producers from outside OPEC, led by Russia, agreed to reduce output by 558,000 bpd, short of the target of 600,000 bpd.
The biggest decliner this morning is industrials, down 1.12%.
Bank of Montreal in its morning note, noted global equity markets had a good week last week, with the TSX rising 1.7% but that still left it near the bottom of the leaderboard. The DAX (+6.6%), CAC (+5.2%) and NASDAQ (+3.6%) were the top performers. China's CSI300 was among the few markets in the red, falling 1%.
Most TSX sectors ended higher, led by banks (+4.1%) on the back of solid earnings, consumer discretionary (+3.6%) and industrials (+1.9%). Gold (-3.7%) continued to lose ground pulling materials down 1%, health fell 3.2%, and tech was down 0.1%.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.