Energy sector, rising oil prices, lift TSX
Canada’s main stock index rose on Tuesday, boosted by the energy group, which gained on the back of rising oil prices.
According to Reuters, at 9:34 a.m. ET, the Toronto Stock Exchange’s S&P composite index was up 42.73 points, or 0.26 per cent, at 16,495.07.
Seven of the index’s 11 major sectors were higher. The energy sector climbed 0.9 per cent, while the consumer staples sector gained about 2 pe rcent.
The energy sector rose as oil prices increased by more than 1 per cent, moving towards $79 per barrel due to growing supply outages, with Norway shutting one oilfield as hundreds of workers began a strike and Libya saying its production more than halved in recent months.
U.S. crude prices were up 0.8 per cent, while Brent crude added 1.6 per cent.