CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and can afford the risks. Trading CFDs is high risk and is not suitable for everyone. Refer to our PDS and Target Market Determination. AFSL 513393
Open platformOpen platform

CANADA STOCKS-TSX rises as investors welcome British Columbia election result

By Reuters News

By Fergal Smith

TORONTO, Oct 26 (Reuters) - Canada's main stock index rebounded on Monday, led by financial and resource shares, after the result of British Columbia's provincial election potentially raised prospects for oil and gas companies.

The S&P/TSX Composite Index .GSPTSE ended up 155.98 points, or 0.4%, at 35,944.16, after posting on Friday its lowest closing level since October 14.

  • The opposition Conservative Party won an election in the province of British Columbia for the first time in nearly 100 years, promising to ramp up liquefied natural gas production.

  • "People are talking about the BC elections," said Barry Schwartz, chief investment officer at Baskin Wealth Management. "For oil and gas and construction companies, it's directionally positive."

  • The energy sector .SPTTEN, which includes a number of companies with a market capitalization greater than C$100 billion ($71.34 billion), such as Canadian Natural Resources CNQ.TO and Suncor Energy SU.TO, rose 0.4%.

  • US crude oil futures settled 1.5% lower but remained elevated at $101.76 a barrel.

  • "The longer oil stays at these levels, you kind of have to own a CNQ or Suncor," Schwartz said.

  • The materials group .GSPTTMT, which includes metal mining shares, was up 0.7%. Gold rebounded from the previous session's more than three-month low as the drop in oil tempered inflation concerns ahead of a US Federal Reserve policy decision on Wednesday.

  • Heavily weighted financials .SPTTFS rose 0.8% and industrials .GSPTTIN ended 0.5% higher.

  • CAE CAE.TO said it will sell Flightscape, its airline operations software business, to fellow global aviation technology firm SITA in a deal valued at $500 million, including debt. Shares of CAE rose 4.6%.

  • Algoma Steel ASTL.TO ended 2.6% higher. The United States and Canada are working on a deal to ease US tariffs on Canadian steel and autos, two US and four Canadian sources said.

  • Five of the 10 major sectors ended lower, including consumer discretionary .GSPTTCD. It lost 0.6%, with shares of clothing retailer Aritzia ATZ.TO down 2.3%.

($1 = 1.4018 Canadian dollars)

Capital.com is an execution-only brokerage platform and the content provided on the Capital.com website is intended for informational purposes only and should not be regarded as an offer to sell or a solicitation of an offer to buy the products or securities to which it applies. No representation or warranty is given as to the accuracy or completeness of the information provided.

The information provided does not constitute investment advice nor take into account the individual financial circumstances or objectives of any investor. Any information that may be provided relating to past performance is not a reliable indicator of future results or performance.

To the extent permitted by law, in no event shall Capital.com (or any affiliate or employee) have any liability for any loss arising from the use of the information provided. Any person acting on the information does so entirely at their own risk.

Any information which could be construed as “investment research” has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication.