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TSX Up Marginally; Energy Stocks Rise
(RTTNews) - After a flat start and a subsequent climb up north, the Canadian market retreated Tuesday morning, and at a little past noon, was up marginally, led by gains in energy, consumer and communications sectors.
Investors are cautiously optimistic about some positive progress in U.S.-China trade relations. The high-level talks between officials of the two countries is going on for a second day.
The benchmark S&P/TSX Composite Index, which climbed to 26,476.73 earlier in the session, was up 11.33 points or 0.14% at 26,387.13 nearly half an hour past noon.
Energy stocks are up thanks to higher crude oil prices. The Energy Capped Index is up more than 2%. Baytex Energy is rising nearly 8%. Vermilion Energy is climbing 5.7%, while Cenovus Energy, Imperial Oil, Precision Drilling, Nuvista Energy, Canadian Natural Resources, Suncor Energy, CES Energy Solutions and PrairieSky Royalty are up 2 to 3%.
Consumer discretionary stocks Linamar Corp, Brp Inc., Magna International, Spin Master Corp and Aritzia are up 1.3 to 4%.
Consumer staples stocks Alimentation Couche-Tard, Saputo and Empire Company are up 3.5%, 2.1% and 1%, respectively.
In the communications sector, BCE Inc. is rising 2.7% and Rogers Communications is gaining 2.3%. Quebecor and Cogeco Communications are up with modest gains.
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