Reuters logo
CANADA STOCKS-TSX climbs to 4-month high; on track to rise 3 pct in September
September 29, 2017 / 3:51 PM / 23 days ago

CANADA STOCKS-TSX climbs to 4-month high; on track to rise 3 pct in September

(Adds details on sectors and stocks; updates prices)

* TSX rises 49.98 points, or 0.32 percent, to 15,668.23

* Index reaches highest intraday level since May 15

* Eight of 10 main TSX groups gain

* Toronto market on track to rise 3 percent for the month

TORONTO, Sept 29 (Reuters) - Canada’s main stock index rose to a four-month high on Friday as the heavyweight financials group climbed, while BlackBerry Ltd added to strong gains posted a day earlier as analysts raised price targets on the stock.

The gains put the Toronto market on track to rise 3 percent in September, its best month since July 2016.

Shares of BlackBerry Ltd climbed 5.3 percent to C$13.69, building on a 12.7 percent advance on Thursday when the company reported stronger-than-expected quarterly profit.

Both RBC and CIBC on Friday raised their price targets on the stock.

Some of the most influential movers on the index were its bank shares. Royal Bank of Canada climbed nearly 1 percent to C$96.88 and Bank of Montreal gained 0.9 percent to C$94.85. The overall financials group, which accounts for more than one-third of the index’s weight, was up 0.6 percent.

At 11:32 a.m. ET (1532 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 49.98 points, or 0.32 percent, to 15,668.23. It touched its highest intraday since May 15 at 15,675.45.

Shares of Bombardier Inc rose 3.6 percent to C$2.29 after the company sealed a deal to sell up to 50 Q400 turboprop planes to India’s SpiceJet.

The World Trade Organization opened a dispute settlement panel to rule on Brazil’s complaint that Canada has hurt its commercial jet industry by subsidizing Bombardier’s CSeries jets, the Brazilian foreign ministry said.

Earlier this week, the U.S. Commerce Department slapped 220 percent preliminary anti-subsidiary duties on Bombardier’s CSeries jets, while the company has also missed out on a merger of its rail unit with Germany’s Siemens.

Valeant Pharmaceuticals International Inc gained 5.4 percent to C$18.02 after the company completed the sale of Inova Pharmaceuticals to Pacific Equity Partners and the Carlyle Group.

Eight of the index’s 10 main groups gained ground. Energy was one of the sectors to retreat, dipping 0.1 percent as the price of oil edged lower. U.S. crude prices were down 0.3 percent at $51.43 a barrel.

Norbord Inc, which produces wood-based panels used in the construction of new homes, was down 5.1 percent at C$48.76 after BMO cut its rating on the stock to underperform.

Canadian economic growth slowed to a halt in July, hit by a decline in manufacturing and oil extraction and giving the central bank room to take its time to further raise interest rates. (Reporting by Fergal Smith; Editing by James Dalgleish)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below