(Reuters) - Canada’s main stock index rose on Wednesday, lifted by gains in oil and metal stocks, meanwhile Bank of Canada cut interest rate to mitigate the economic fallout from the coronavirus outbreak.
** At 10:01 a.m. ET (1501 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 170.65 points, or 1.04%, at 16,594.27.
** The Bank of Canada cut its benchmark interest rate to 1.25% from 1.75% on Wednesday in the face of a fast-spreading coronavirus outbreak, and said it was prepared to cut again if needed to support economic growth.
** The energy sector climbed 0.6% as oil prices climbed in anticipation of further output cuts. [O/R]
** The materials sector, which includes precious and base metals miners and fertilizer companies, added 0.2% as gold and copper prices held recent gains. [GOL/] [MET/L]
** On the TSX, 185 issues were higher, while 45 issues declined for a 4.11-to-1 ratio favoring gainers, with 36.86 million shares traded.
** The largest percentage gainers on the TSX were Semafo Inc, which jumped 5.6%, and Freehold Royalties, which rose 5.2%.
** Winpak Ltd fell 8%, the most on the TSX, after its fourth-quarter earnings missed estimates. The second biggest decliner was Mag Silver Corp, down 3.6% after BMO cut the stock’s target price.
** The most heavily traded shares by volume were Sun Life Finl, Bombardier B and Barrick Gold.
** The TSX posted four new 52-week highs, and three new lows.
** Across all Canadian issues, there were 22 new 52-week highs and 9 new lows, with total volume of 59.45 million shares.
Reporting by Ambar Warrick in Bengaluru; Editing by Amy Caren Daniel and Shinjini Ganguli
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