Off the wire
• 1st Ld-Writethru: President Xi to meet Taiwan leader in Singapore  • Roundup: U.S. stocks extend gains on surging oil  • U.S. sets preliminary subsidy rates on corrosion-resistant steel products from four countries  • U.S. says premature for Syrian opposition to join talks in Russia  • Urgent: President Xi to meet Taiwan leader in Singapore  • UN Refugee Agency urges all states to work to end child statelessness  • UN agencies on standby as cyclone threatens conflict-ridden Yemen  • Cuba renews portfolio of foreign investment opportunities  • General Conference of UNESCO opens in Paris  • Afghanistan, China vow to further promote relationship  
You are here: 　 Home

Roundup: Canadian stock market climbs on surging oil prices

Xinhua, November 4, 2015 Adjust font size:

Canada's main stock market in Toronto on Tuesday managed to extend gains as a surge in oil prices lifted the trading sentiment.

The Toronto Stock Exchange's benchmark Standard & Poor's/TSX Composite Index gained 87.3 points, or 0.64 percent, to 13,710.31 points on the closing bell, as the energy sector led the increase by 3.36 percent.

A rise in oil prices contributed mostly to the strengthening TSX index when the light, sweet crude for December delivery rallied 1.76 U.S. dollars to settle at 47.9 U.S. dollars a barrel on the New York Mercantile Exchange Tuesday.

Most of the energy giants in Canada rose sharply when the oil and gas producer Encana Corporation jumped 5.61 percent to 10.54 Canadian dollars (about 8.08 U.S. dollars) a share, while Canadian Natural Resources Limited increased 2.4 percent to 31.97 Canadian dollars per share.

Investors'concerns about the oversupply of the crude oil eased, when U.S. shale oil production is expected to drop at least 600,000 barrels per day by next spring amid a 62 percent year-on-year decline in oil-targeted drilling activity, according to a forecast report released by Scotiabank Monday.

The bank also predicted that the tightening supplies will likely lift commodities prices by late 2016-17, even if global growth remains lackluster.

Meanwhile, Metals and mining rallied 2.36 percent when the base metals giant Teck Resources Limited spiked 7.01 percent to 8.09 Canadian dollars a share and Potash Corporation of Saskatchewan Inc. gained 3.92 percent to 28.63 Canadian dollars a share.

The most influential sector Financials edged higher 0.33 percent when Royal Bank of Canada was up 1.5 percent to 75.75 Canadian dollars a share after the biggest lender by market capitalization in Canada announce Monday that it has completed the acquisition of City National Corporation, a premier U.S. private and commercial bank headquartered in Los Angeles, California.

Health Care, which went down 0.55 percent, however, bucked the trend as Valeant Pharmaceuticals International Inc. plunged 3.21 percent to 127.65 Canadian dollars a share.

On the currency front, boosted by the rising oil, the Canadian dollar on Tuesday was up to 0.7662 U.S. dollar, compared with 0.7634 U.S. dollar Monday. Endit