TSX reverses losses as oil, gold, global sentiment boost
TORONTO (Reuters) - Canada's benchmark stock index reversed earlier losses to close marginally higher on Tuesday, lifted by positive sentiment globally as well as higher oil and gold prices.
- The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) was up 9.57 points, or 0.06 percent, at 16,357.98. Five of its 10 main industry groups ended in positive territory.
- Kinaxis Inc (Toronto:KXS.TO - News), which was up 10.6 percent at C$84.18, was the biggest gainer on the index after saying it had been chosen by Toyota Motor Corp (:7203.T) to manage automotive demand and supply chain processes.
- Among the biggest gainers were Birchcliff Energy (Toronto:BIR.TO - News), up 9.3 percent, and New Gold Inc (Toronto:NGD.TO - News), which closed 6.8 percent higher.
- The companies were lifted by a 2 percent jump in crude oil futures to $64.78 a barrel, and a 0.5 percent rise in gold prices to $1,340.81 an ounce. [MKTS/GLOB]- The rise in prices of the precious metal did not lift all gold firms, however. Pretium Resources Inc (Toronto:PVG.TO - News) slumped 26.5 percent after the exploration company provided an operational update for its Brucejack mine in northern British Columbia and Credit Suisse downgraded the stock.
- The heavyweight financials group was among the decliners with a 0.2 percent drop, and industrials dipped 0.1 percent.
(Reporting by Alastair Sharp and Nichola Saminather; editing by G Crosse)