CANADA STOCKS-Technology, mining stocks lift TSX; energy shares slide

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Oct 13 (Businesshala) – Canada’s main stock index rose on Wednesday, led by miners and technology stocks, though a 1% decline in the energy sector limited further gains.

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At 9:50 a.m. ET (1350 GMT), the Toronto Stock Exchange’s S&P/TSX Composite Index was up 51.84 points, or 0.25%, at 20,488.96.

Technology stocks jumped 1.4%, led by BlackBerry Ltd., which was among the top gainers in the index. The sub-sector index also gained in the US tech-heavy Nasdaq.

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The materials sector, which includes precious and base metal miners and fertilizer companies, added 1.3% as gold futures rose 1.0% to $1,776 an ounce.

The energy index fell 1.5% as crude oil prices rose on expectations that growth in oil demand would fall as inflation and supply chains strain major economies.

Investors took profits in energy stocks on Tuesday and could expand in the current session, noting that the big energy and natural gas companies had a really good run to start the year, said Gregory Taylor, portfolio manager of Objective Investments. he said.

Still, he said, oil prices for such companies are hovering around $80.

The Canadian equity index has risen 17.5% so far this year on hopes of a steady economic recovery, but has recently lost steam on concerns about high inflation and a slowdown in global growth.

In the United States, a report showed that consumer prices increased solidly in September and are likely to rise further in the coming months amid a rise in the cost of energy products.

The data could cast doubt on the Federal Reserve’s view that high inflation is fleeting.

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Eldorado Gold Corp and Blackberry Ltd were the top gainers on the TSX.

TSX posted three new 52-week highs and no new lows.

All Canadian issues had 18 new 52-week highs and 11 new lows with total volume of 48.79 million shares. (Reporting by Amal S in Bengaluru, Additional reporting by Lisa Pauline Mattakkal; Editing by Uttaresh. V)

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