Stock Market – TSX gains at midday on rising energy prices
stock market news
Canada’s benchmark stock index was showing moderate gains at midday Wednesday as continued gains in the price of oil offset a drop in the price of gold.
The S&P/TSX composite index was ahead by 19 points, or 0.14 per cent, to 13,352, with the financials and energy sectors leading the advance.
The price of crude oil was up 81 cents to $98.31 U.S. a barrel in New York at midday. Gold was down $5.60 to $1,595.50 U.S. an ounce.
The Canadian dollar was up 50 basis points to $1.0567 U.S. in late-morning trading.
In the U.S. Republican resistance to a proposed solution to the political standoff over raising the country’s debt ceiling overshadowed higher-than-expected earnings results from companies such as Apple Inc., which reported after the market closed on Tuesday.
The Dow Jones industrial average was down 19 points, or 0.15 per cent, to 12,568.01, while the Nasdaq composite index slipped 14 points, or 0.49 per cent, to 2,813.
It was a positive day for major overseas markets. In Asia, Tokyo’s Nikkei rose 1.17 per cent, and the Hang Seng index in Hong Kong gained 0.46 per cent. In Europe, London’s FTSE advanced 1.10 per cent, the CAC in Paris rose 1.61 per cent and Frankfurt’s DAX saw a 0.40 per cent gain.