TSX gains as U.S. economic data bolsters tech shares
- TSX ends up 40.61 points, or 0.2%, at 19,545.94
- Tech rallies 4.6 with Shopify up 10.8%
- Financials end 1.2% higher
- Energy falls 4.2% as oil prices drop
TORONTO, Aug 3 (Reuters) - Canada's main stock index rose on Wednesday, helped by gains for technology and financial shares after encouraging U.S. economic data, but the advance was limited as a drop in oil prices weighed on energy shares.
The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) ended up 40.61 points, or 0.2%, at 19,545.94, clawing back some of the previous day's decline when geopolitical tensions gripped financial markets.
Wall Street ended sharply higher, helped by strong profit forecasts from some companies and U.S. services sector data that supported views that the economy was not in recession despite output slumping in the first half of the year. read more
The technology sector on the Toronto market rallied 4.6%, paced by a 10.8% jump in the shares of e-commerce giant Shopify Inc (SHOP.TO), while heavily weighted financials ended 1.2% higher.
Energy fell 4.2% as oil prices dropped. U.S. crude oil futures settled nearly 4% lower at $90.66 a barrel after U.S. data showed crude and gasoline stockpiles unexpectedly surged last week and as OPEC+ said it would raise its oil output target by 100,000 barrels per day. read more
The materials group, which includes precious and base metals miners and fertilizer companies, lost 1.3% as copper prices fell.
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