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CANADA STOCKS-TSX gains as crude slide lifts sentiment

By Reuters News

By Anand Gopal R

Nov 2 (Reuters) - Canada's main stock index rose on Monday after oil prices tumbled on hopes that renewed US-Iran talks would ease oil supply risks in the Middle East.

The S&P/TSX Composite Index .GSPTSE was up 0.9% at 35,979.08 points as of 10:25 a.m. ET (1525 GMT).

  • Energy sector .SPTTEN slipped to a more than two-week low, declining 3%, after Brent crude fell over 6% on hopes of a deal to end the US-Israeli war on Iran that could ease Middle East supply disruptions O/R

  • Tehran said on Monday that talks with the US to end their eight-month war are ongoing, after Qatari-mediated discussions produced revised proposals but no breakthrough.

  • "It's more re-positioning for the new month, along with support from oil and developments in the Middle East. We're seeing a bounce from Friday's massive sell-off and will see what happens over the next few days with the elections," said Michael Dehal, a senior portfolio manager at Dehal Investment Partners at Raymond James

  • Most sectors traded in positive territory, with the materials sector .GSPTTMT leading gains, climbing 3.3% as gold rebounded 2.1% after a retreat in oil tempered inflationary worries GOL/

  • Industrials sector .GSPTTIN added to the index gains, with Air Canada AC.TO and Boyd Group Services BYD.TO rising nearly 6% each

  • Investors are also watching Tuesday's US midterm elections and their broader impact on fiscal policies

  • US President Donald Trump said on Sunday his administration has a framework for a new Canada trade deal, while Prime Minister Mark Carney described their talks as constructive

  • Canada is on track to double its non-US trade within a decade through diversified global ties, Foreign Minister Anita Anand said Saturday

  • "Having more trading partners is definitely something that's positive for our markets, for our economy, especially," Dehal said

  • Canada's manufacturing contracted in October for the first time this year, hit by tariffs and geopolitical uncertainty


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