Gold, energy stocks give TSX a morning boost, dollar strengthens

The Canadian Press</span>
Published Wednesday, May 10, 2017 7:32AM EDT
Last Updated Wednesday, May 10, 2017 12:21PM EDT

TORONTO -- Canada's main stock index got a boost this morning as fresh U.S. crude oil data revived the energy sector and gold prices gained ground.

The S&P/TSX composite index was up 49.14 points to 15,618.34, after 90 minutes of trading.

The U.S. Energy Information Administration reported mid-morning that stocks of crude oil fell by 5.2 million barrels last week -- a bigger decline than expected and a signal that demand may pick up.

In the wake of that news, the June crude oil contract was up US$1.35 at US$47.23 per barrel, while the June natural gas contract was up nine cents at US$3.32 per mmBTU.

On the TSX, Encana, Cenovus Energy, and Crescent Point Energy were among the big gainers after the EIA weekly report.

Several gold companies were also shining, including Kinross, while several major financial stocks were down including TMX Group, Sun Life Financial and Home Capital Group.

The June gold contract was up US$5.20 at US$1,221.30 an ounce and the July copper contract was unchanged at US$2.50 a pound.

In New York, the Dow Jones industrial average lost 37.19 points to 20,938.59. The S&P 500 index shed 1.84 points to 2,395.08, and the Nasdaq composite index fell 13.97 points to 6,106.62.

The Canadian dollar was trading at 73.17 cents US, stronger than the Tuesday average of 72.84 cents US.

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