Canada’s main stock index climbed on Wednesday after the country’s legislators agreed to approve a $27 billion stimulus bill to help people and businesses deal with the coronavirus pandemic.
The bill – which also includes $55 billion in the form of tax deferrals – must now be approved by the unelected Senate, which will meet later on Wednesday.
At 10:07 a.m. ET (14:07 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 29.68 points, or 0.24 per cent, at 12,600.76.
A total of 2,792 Canadians have been diagnosed with the coronavirus and 27 have died, while more than a million people have applied for unemployment benefits in less than two weeks.
Also lifting the mood in equity markets was a US$2 trillion package approved by U.S. politicians to alleviate the economic impact of the virus outbreak.
Eight of the index’s 11 major sectors were higher but the materials sector fell 3.1 per cent, as gold prices retreated from a two-week high.
The energy sector dropped 0.3 per cent as U.S. crude prices fell 2.9 per cent a barrel, while Brent crude lost 3.5 per cent.
Canada, which is also a big exporter of commodities such as oil and gold, has been exposed to the wild swings in prices of metals and crude. The main index has lost about 30 per cent from its record closing high hit in February.
On the TSX, 181 issues were higher, while 45 issues declined for a 4.02-to-1 ratio favoring gainers, with 29.89 million shares traded.
The biggest percentage gainers on the TSX were Shawcor Ltd , which jumped 12.1 per cent, followed by shares of NFI Group , which rose 11.9 per cent.
Secure Energy Services fell 4.3 per cent, the most on the TSX, followed by the shares of Seven Generation, down 4.9 per cent.
The most heavily traded shares by volume were those of Bombardier and Air Canada.
The TSX posted no new 52-week high and one new low.
Across all Canadian issues there were one new 52-week high and 10 new lows, with total volume of 49.96 million shares.
© Thomson Reuters 2020
© Thomson Reuters 2020
