Aug 27 (Reuters) - A jump in energy shares lifted Canada's
main stock index on Friday as oil prices surged on worries about
supply disruption, while investors globally looked for remarks
from U.S. Federal Reserve Chair Jerome Powell for cues on
At 9:35 a.m. ET (1335 GMT), the Toronto Stock Exchange's
S&P/TSX composite index was up 62.63 points, or 0.31%,
Energy stocks climbed 2.1% to a two-week high with
U.S. crude prices up 2% as energy companies began
shutting production in the Gulf of Mexico ahead of a possible
hurricane forecast to hit during the weekend.
Trading in Canadian and U.S. stocks has been subdued this
week on fears Powell would hint the Fed was ready to start
tapering its massive pandemic-era stimulus amid a steady
"If we get some type of acknowledgment on if the Fed is
backing away from its taper narrative, we could see a sell-off
in the bond market (and) that would also be reflected perhaps in
commodity prices," said Philip Petursson, chief investment
strategist at Manulife Investment Management.
"(However,) we believe commodity prices can continue to
trend higher, and that does bode well for the Canadian equity
market going forward."
Heavyweight financial stocks were the lone
decliners on the TSX, sliding for a second straight day
following a promise by the ruling Liberal Party to raise
corporate income taxes on financial firms if re-elected.
* Energy firms Enerplus Corp and Lithium Americas
Corp were the top gainers on the TSX, up 5.4% and 4.4%,
* Gold miners Seabridge Gold and Eldorado Gold
led the decliners.
* The most heavily traded shares by volume were Great-West
LifeCo, Sun Life Financial and Suncor Energy
* The TSX posted six new 52-week highs and no new low.
(Reporting by Sagarika Jaisinghani and Amal S in Bengaluru)