July 22 (Reuters) - Canada’s main stock index reversed early losses to trade higher on Wednesday, driven by precious metal miners and as Bombardier jumped after securing a loan of up to $1 billion and improving its cash usage.
* At 9:45 a.m. ET (13:45 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 19.14 points, or 0.12%, at 16,182.1.
* The materials sector, which includes precious and base metals miners and fertilizer companies, jumped 1.3% as gold futures rose 0.7% to $1,854.8 an ounce, hitting a nine-year peak.
* Canada’s annual inflation rate in June posted its biggest jump in more than nine years as restrictions imposed to curb the coronavirus outbreak were lifted, Statistics Canada said.
* The energy sector dropped 2.3% as U.S. crude prices were down 1.4% a barrel, while Brent crude lost 1.2%.
* The financials sector slipped 0.2%. The industrials sector rose 0.5%, with Canadian Pacific Railway firming 3% after reporting second-quarter profit above analysts’ estimates.
* On the TSX, 117 issues were higher, while 99 issues declined for a 1.18-to-1 ratio favoring gainers, with 12.49 million shares traded.
* The largest percentage gainers on the TSX were Aurinia Pharmaceuticals Inc, which jumped 9.7%, and First Majestic Silver Corp, which rose 7.1% after National Bank of Canada hiked the price target for the stock.
* Rogers Communications Inc fell 5.7%, the most on the TSX, after the media company posted disappointing Q2 results and the second-biggest decliner was Vermilion Energy Inc , down 4.2%
* The most heavily traded shares by volume were Zenabis Global Inc, up 6.3%; Bombardier Inc, up 4.4% and Northern Dynasty Minerals Ltd, up 7.1%.
* The TSX posted 10 new 52-week highs and no new lows.
* Across all Canadian issues there were 40 new 52-week highs and one new low, with total volume of 31.34 million shares. (Reporting by Amal S in Bengaluru; Editing by Aditya Soni)
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