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Energy stocks find support in Toronto

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Canadian shares were little changed as gains among energy producers following higher oil prices overpowered declines in raw-material producers.

The benchmark Standard & Poor’s/TSX Composite Index (TSE:OSPTX) was little changed at 14,655.59 at 12:15 p.m. in Toronto. Five shares declined for every four stocks that advanced as half of the ten main groups gained.

The energy sector, the main index's second most heavily weighted group, added 0.2 percent as oil, Canada’s largest export, reaches a two-week high.

Encana Corp. (TSE:ECA), Canada’s largest natural gas producer, gained 0.9 percent to C$24.81 after it reversed to profit in the first quarter, beating analysts' expectations, helped by higher prices for the heating and power-plant fuel.

Aurora Oil & Gas Ltd. (TSE:AEF) surged 6 percent to C$4.25 after Baytex Energy Corp. (TSE:BTE) increased its offer for the company.

Suncor Energy Inc. (TSE:SU), the nation's largest energy company by market value, increased 0.6 percent to c$43.05.

West Texas Intermediate oil for June delivery picked up 0.7 percent to $101.30 a barrel at 11:33 a.m. on the New York Mercantile Exchange.

The materials sub-index, which includes mining shares, decreased less than 0.1 percent as prices of gold and copper fell.

Barrick Gold Corp. (TSE:ABX) sagged 0.4 percent to C$18.85, and Goldcorp Inc. (TSE:G) sank 1 percent to C$26.88. First Quantum Minerals Ltd. (TSE:FM), a copper miner, gave up 0.9 percent to C$21.84.

Gold futures for June delivery was little changed at $1,295.40 an ounce at 12:05 p.m. on the Comex in New York. Copper futures for delivery in July slid 0.6 percent to $3.132 a pound.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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