Company News

CANADA STOCKS-TSX gains on upbeat economic growth data

(Reuters) - Canada’s main stock index rose on Friday after government data showed the domestic economy expanded at a record pace in June, bolstering optimism around a post-coronavirus recovery.

* The country’s real GDP surged by a record 6.5% in June, as the economy continued to claw back from steep declines in March and April, though economic activity still remains below pre-pandemic levels, Statistics Canada said.

* At 14:41 a.m. ET (13:41 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 50.21 points, or 0.3%, at 16,781.7.

* The materials sector, which includes precious and base metals miners and fertilizer companies, added 1.6% as gold futures rose 1.8% to $1,955.9 an ounce.

* The energy sector climbed 0.8% as U.S. crude prices were up 0.2% a barrel, while Brent crude lost 0.2%.

* On the TSX, 127 issues were higher, while 88 issues declined for a 1.44-to-1 ratio favoring gainers, with 19.42 million shares traded.

* The largest percentage gainers on the TSX were Canadian Western Bank, which jumped 6.6%, after the lender topped profit estimates for the third-quarter.

* Its gains were followed by Silvercorp Metals Inc, which rose 4.6% after brokerage PI Financial raised the target price of the stock.

* OceanaGold Corp fell 10.2%, the most on the TSX, after brokerage PI Financial cut the target price of the gold producer’s stock and the second-biggest decliner was Morneau Shepell Inc, down 2.5%.

* The most heavily traded shares by volume were Suncor Energy Inc, Just Energy Group Inc,and Sun Life Financial Inc.

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

* Across all Canadian issues there were 11 new 52-week highs and one new low, with total volume of 33.90 million shares. (Reporting by Amal S in Bengaluru; Editing by Ramakrishnan M.)