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CANADA STOCKS-TSX rises as higher oil, copper prices boost resource stocks
August 22, 2017 / 3:03 PM / a month ago

CANADA STOCKS-TSX rises as higher oil, copper prices boost resource stocks

(Updates prices)

* TSX up 18.1 points, or 0.12 percent, at 14,969.98

* Seven of the TSX’s 10 main groups move higher

TORONTO, Aug 22 (Reuters) - Canada’s main stock index rose on Tuesday as higher commodity prices lent support to its energy and mining stocks, although a fall in gold prices weighed on bullion producers.

The energy group climbed 0.5 percent as oil prices pushed higher, with pipeline operator Enbridge Inc adding 1.1 percent to C$49.92 and PrairieSky Royalty Ltd up 1.7 percent to C$28.27.

The energy sector, which accounts for one-fifth of the index, has weighed heavily on it so far this year, having fallen almost 25 percent.

At 10:20 a.m. ET (1420 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 18.1 points, or 0.12 percent, at 14,969.98.

Seven of the index’s 10 main groups were in positive territory.

Base metals miners also gained, with buying interest stoked by copper prices hitting a three-year high and nickel touching its strongest in eight months.

First Quantum Minerals Ltd was up 1.6 percent to C$13.76, and Teck Resources Ltd added 0.6 percent to C$30.07.

The materials group, which includes base and precious metal miners as well as fertilizer companies, lost 0.1 percent overall as gold prices fell.

Wheaton Precious Metals Corp was down 1.2 percent at C$23.84, and Kinross Gold Corp lost 1.7 percent to C$5.28.

Statistics Canada reported that retail sales hit a record C$48.99 billion ($38.88 billion) in June and were up in six of the 11 sectors. They grew by 1.1 percent when weak auto sales and lower gasoline prices were excluded.

The robust data bolstered expectations the Bank of Canada could raise interest rates in October.

Reporting by Alastair Sharp; Editing by W Simon

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