By June 2, 2016 Read More →

TSX firms as financials advance, losses for energy pared

TSX up 18.47 points to 14,082.01


Energy stocks fell in trading on the TSX Thursday after OPEC ended its Vienna meeting without setting a ceiling for production. Anadarko photo by Mike Goldwater”

TORONTO, June 2 (Reuters) – The TSX, Canada’s main stock index, edged higher on Thursday as financials firmed, while losses for oil weighed on the energy sector after a group of major oil producers left their output policy unchanged.

At 11:06 a.m. EDT (1506 GMT), the Toronto Stock Exchange’s S&P/TSX composite index rose 18.47 points, or 0.13 percent, to 14,082.01. Seven of the index’s 10 main groups were higher.

Shares of Bank of Montreal rose 0.2 percent to C482.62. The bank said it would acquire Greene Holcomb Fisher, a U.S.-based merger and acquisition advisory firm, in a push to strengthen its investment banking business in the United States, particularly in the Midwest.

Canadian Western Bank reported a 37 percent decline in second-quarter profit, reflecting a ramp-up in funds set aside to cover loans to oil & gas companies that have turned sour amid a prolonged slump in oil prices.

Still, Canadian Western Bank’s shares rose 0.2 percent to C$25.87, while the overall financials group advanced 0.3 percent.

The consumer staples group rose 0.4 percent and healthcare stocks advanced 0.8 percent, led by a 3 percent gain for Valeant Pharmaceuticals International Inc to C$40.08.

Oil prices fell after the Organization of the Petroleum Exporting Countries ended its meeting without setting a ceiling for its production. U.S. crude prices were down 0.5 percent to $48.77 a barrel.

Energy stocks dipped 0.2 percent, although some losses were pared as oil rebounded from its lowest levels of the day.

(Reporting by Fergal Smith; Editing by Alistair Bell)

Posted in: Canada

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