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Energy stocks put TSX on course for fourth month of gains

05/31/2021 | 10:31am EDT
The facade of the original Toronto Stock Exchange building is seen in Toronto

(Reuters) - Canada's main stock index hit a fresh record high on Monday and was on course for a fourth month of gains as a jump in oil prices lifted energy stocks.

* At 09:43 a.m. ET (13:43 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 34.49 points, or 0.17%, at 19,886.67. The benchmark was on course to end May with a near 4% gain.

* Energy stocks climbed 1.7% to lead sectoral gains as U.S. crude prices and Brent crude added 1.4% each. [O/R]

* A Reuters poll of strategists predicted that the main index will climb above the 20,000 mark by the end of 2021 as a recovery in the global economy from the coronavirus crisis boosts the outlook for resource stocks.

* Data showed Canada's current account balance was a surplus of C$1.18 billion ($977.47 million) in the first quarter, from a revised C$5.27 billion deficit in the fourth quarter of 2020, due to higher trade in goods and services.

* Cloud-based software maker Dye & Durham Ltd jumped 18.0% to the top of TSX as a management-led shareholder group offered to acquire the company for about C$3.4 billion ($2.8 billion).

* Energy firm Pieridae Energy Ltd rose 2.4% after the company said it hired Japanese lender MUFG Bank to help raise $10 billion for its proposed Goldboro liquefied natural gas (LNG) export plant in Nova Scotia.

* Dundee Precious Metals fell 4.4%, the most on the TSX, after it agreed to buy INV Metals Inc, which soared 51%. The second biggest decliner was Cronos Group Inc , down 3.8%.

* The most heavily traded shares by volume were Athabasca Oil, Baytex Energy and Whitecap Resources.

* On the TSX, 136 issues were higher, while 78 issues declined for a 1.74-to-1 ratio favoring gainers, with 9.33 million shares traded.

* The TSX posted 9 new 52-week highs and no new lows.

* Across all Canadian issues there were 63 new 52-week highs and 5 new lows, with total volume of 27.06 million shares.

(Reporting by Sruthi Shankar in Bengaluru; Editing by Bernadette Baum)

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ATHABASCA OIL CORPORATION -1.22% 0.81 Delayed Quote.382.35%
BAYTEX ENERGY CORP. -1.44% 2.06 Delayed Quote.202.90%
CRONOS GROUP INC. -1.43% 8.95 Delayed Quote.2.60%
DUNDEE CORPORATION 3.66% 1.7 Delayed Quote.15.83%
DUNDEE PRECIOUS METALS INC. -0.89% 7.2 Delayed Quote.-20.55%
INV METALS INC. -4.48% 0.64 Delayed Quote.34.00%
LONDON BRENT OIL 0.56% 74 Delayed Quote.42.40%
PIERIDAE ENERGY LIMITED -5.88% 0.32 Delayed Quote.-28.42%
S&P GSCI BRENT CRUDE INDEX 0.44% 624.3412 Delayed Quote.41.22%
S&P GSCI NATURAL GAS INDEX 1.79% 189.3904 Delayed Quote.56.83%
S&P GSCI PRECIOUS METALS INDEX -0.41% 2382.673 Delayed Quote.-4.65%
WHITECAP RESOURCES INC. -0.54% 5.55 Delayed Quote.14.81%
WTI 0.34% 71.977 Delayed Quote.45.77%
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