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Canadian stocks net largest gain in 7 weeks

Xinhua, November 16, 2016 Adjust font size:

Canada's main stock market in Toronto has its biggest gain since the end of September as crude oil soared on Tuesday following speculations that members of the Organization of Petroleum Exporting Countries (OPEC) would agree on a deal to cut production soon.

The Toronto Stock Exchange's benchmark Standard & Poor's/TSX Composite Index jumped 157.65 points, or 1.08 percent, to close the day at 14,756.10 points. Nine of the 10 sub-sectors advanced on the session.

The single-day increase has been the most since Sept. 28 when the index grew 173.39 points, the date OPEC initially agreed on their deal in Algiers, Algeria.

For a second straight day, TSX Energy group was the biggest mover, surging 3.44 percent as crude oil shot up to nearly 6 percent after media reported last minute meetings involving Russia, Iran, Venezuela, Saudi Arabia, Qatar and Algeria ahead of OPEC's Nov. 30 meeting in Vienna to finalize the deal.

During the day, December U.S. light crude spiked 5.75 percent to 45.81 U.S. dollars a barrel on the New York Mercantile Exchange. Meanwhile, a barrel of Brent in London for January delivery surged 5.67 percent to 46.95 dollars.

Calgary-based energy firms Encana Corporation and Suncor Energy Inc. were among the most actively traded stocks during the session, jumping 5.27 percent to 14.97 Canadian dollars (11.13 dollars) and 3.92 percent to 41.34 Canadian dollars (30.74 dollars), respectively.

Materials and Health Care subsectors also had strong sessions, advancing 2.74 percent and 2.47 percent, respectively.

The rise of materials sub-sector, which feature miners of gold and other precious metals, coincided with gold prices rising 8.10 dollars to 1226.40 an ounce. As a result, Toronto-based gold miners Barrick Gold and Kinross Gold Corporation saw shares grow 5.34 percent and 5.48 percent, respectively.

Health care sector's increase was mainly due to Laval-based drug maker ProMetic Life Sciences Inc. shares soaring 5.77 percent following favorable results from their drug to reduce pulmonary hypertension, a condition in the lungs that increases heart failure.

The only sector not to finish ahead on Tuesday was Financials, retreating 0.27 percent as shares of Royal Bank of Canada, the largest bank in the country, fell 0.70 percent to 86.02 Canadian dollars (63.96 dollars).

The Montreal-based financial institution announced an increase in their interest rates for mortgages by as much as 30 basis points. This move came two weeks after competitor TD Bank was the first bank to announce a rate hike.

On the economic front, the Canadian Real Estate Association reported that housing sales in Canada during October rose 2.4 percent compared to September and prices jumped 14.6 percent compared to October of last year.

British Columbia regions of Fraser Valley and Greater Vancouver led the way with 12-month gains of 32.52 percent and 24.79 percent, respectively. The Greater Toronto area saw a 19.68 percent during the same period.

The Canadian dollar leaped 0.0057 to 0.7436 dollars, compared to Monday's closing rate of 0.7379 dollars. Endi