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TSX gains on upbeat global mood, energy boost

01/17/2022 | 10:02am EDT

Jan 17 (Reuters) - Canada's main stock index rose on Monday, mirroring upbeat global sentiment and aided by gains in energy stocks, although trading volumes stayed low amid a U.S. holiday.

At 9:37 a.m. ET (14:37 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 47.35 points, or 0.22%, at 21,404.91.

"With U.S. markets closed, it's not unusual to see Canadian equities slightly positive. The European markets have been playing catch up, so overseas market action has been positive and we're basically benefiting from it," said Colin Cieszynski, chief market strategist at SIA Wealth Management.

Global equities recovered from Friday's losses as investors focused on company earnings and U.S. Federal Reserve policymakers entered a quiet period ahead of their meeting next week.

Leading gains was the energy sector climbed 0.6% as oil prices were steady as investor bets that global supply will remain tight amid restraint by major producers were offset by a rise in Libyan output.

The Toronto market gained 22% in 2021, but recently lost steam as investors grew concerned about the prospect of a more hawkish U.S. Federal Reserve this year.

The industrial sector rose 0.3%, while the materials sector, which includes precious and base metals miners and fertilizer companies rose 0.1%

On the economic front, Canadian factory sales rose 2.6% in November from October driven mostly by higher sales of primary metals, petroleum and coal products, non-metallic minerals, and food product, Statistics Canada said.

Meanwhile, Canadian home sales rose 0.2% in December from November even as supply fell to a record low level, data from the Canadian Real Estate Association showed.

HIGHLIGHTS

The TSX posted 16 new 52-week highs and no new lows.

Across all Canadian issues there were 58 new 52-week highs and 21 new lows, with total volume of 13.66 million shares.

(Reporting by Amal S in Bengaluru)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
LONDON BRENT OIL 2.86% 117.56 Delayed Quote.45.92%
ON SEMICONDUCTOR CORPORATION 5.49% 59.33 Delayed Quote.-17.20%
WTI 3.11% 114.219 Delayed Quote.46.73%
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