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Canadian stocks higher on crude rebound

Xinhua, August 4, 2016 Adjust font size:

Canada's main stock market in Toronto inched higher Wednesday as overall gains led by energy stocks offset losses among gold miners and other materials stocks.

The Toronto Stock Exchange's benchmark Standard & Poor's/TSX Composite Index gained 35.04 point, or 0.24 percent, to close at 14,512.05 points. Half of the TSX index's eight main sub-sectors were higher.

Oil prices posted solid gains Wednesday as official data from the Unites States showed a larger-than-expected gasoline inventory drawdown.

Texas light sweet crude for September delivery rose 1.32 U.S. dollars to settle at 40.83 dollars a barrel, while Brent crude for October delivery increased 1.30 dollars to close at 43.10 dollars a barrel.

TSX energy sector hiked 2.18 percent as Baytex Energy Corp. added 3.32 percent to 5.91 Canadian dollars (4.52 U.S. dollars) and Encana Corporation jumped 4.39 percent to 10.70 Canadian dollars.

Husky Energy Inc. advanced 6.91 percent to 16.24 Canadian dollars after announcing that it reached agreement with China's CNOOC over a gas project.

Health care stocks went up 1.54 percent as drug manufacturer Canopy Growth Corporation jumped 9.45 percent to 3.59 Canadian dollars while Telesta Therapeutics Inc. sprinted 22.22 percent to 0.055 Canadian dollar.

The most influential drags included two of the world's largest gold producers, with Barrick Gold falling 1.41 percent to 29.32 Canadian dollars and Goldcorp down 0.46 percent to 23.60 Canadian dollars.

The gold sector has in recent months helped to lessen the impact on the Canadian market of global shocks, including Britain's vote to leave the European Union, as investors back gold miners amid economic uncertainty.

Turquoise Hill Resources Ltd. fell 6.59 percent to 4.25 Canadian dollars after announcing quarterly results late on Tuesday.

Shares in Shopify Inc. gained 9.29 percent to 48.01 Canadian dollars after the e-commerce software maker reported a smaller-than-expected quarterly loss and provided a more upbeat outlook.

BlackBerry is making some of its software available for download to Android smartphone users through Google Play, in a bid to turn around its unprofitable mobile business unit.

BlackBerry shares went up 0.69 percent to 10.16 Canadian dollars.

The Canadian dollar traded higher at 0.7651 U.S. dollar, compared with Tuesday's closing rate of 0.7632 U.S. dollar. Endit