Economy

TSX hits record as energy stocks rally on oil prices

TSX hits record as energy stocks rally on oil prices”

Canopy Growth was up 13.6 percent to C$14.53 after surging as much as 22.9 percent on news that Corona beer maker Constellation Brands Inc bought a almost 10 percent stake in the company.

The overall healthcare group rallied 2.4 percent.

Half of the index's 10 key sectors closed higher.

The Toronto stock market's S&P/TSX composite index was up 49.03 points to 16,051.81 in midafternoon trading Tuesday.

Canadian Western Bank advanced 6.4 percent to C$36.91 after the company said it was acquiring ECN Capital Corp assets, and almost half a dozen analysts raised their target price on the bank. It touched a fresh intraday record of 16,064.68.

In commodities, the December crude contract advanced 25 cents to US$54.15 per barrel and the December natural gas contract was unchanged at US$2.97 per mmBTU.

Financial services accounted for the bulk of the session's gains, adding 0.4 percent, but most individual names rose only moderately.

Precision Drilling Corp extended Friday's gains, surging 13.8 percent to C$3.71 after the company reported a narrower-than-expected quarterly loss, while overall energy stocks rallied 1.7 percent. Goldcorp Inc rose 1.8 percent to C$17.12.

Ivanhoe Mines Ltd rocketed 12.1 percent to C$4.74. Element Fleet Management Corp jumped 7.9 percent to C$10.2.

Advancing issues outnumbered declining ones on the TSX by 137 to 105, for a 1.30-to-1 ratio on the upside.

Ten stocks posted new 52-week highs on the index, while two posted new lows.



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