Gains in the energy and mining sectors helped lift Canada’s main stock index into slightly positive territory Tuesday, outweighing the negative impact of Scotiabank’s worse-than-expected third-quarter financial results.
The S&P/TSX composite index closed up 10.43 points at 19,985.35. Immediately after the opening bell, the TSX leaped ahead, helped along in part by energy stocks benefiting from Tuesday’s surge in the price of crude oil.
The U.S. benchmark West Texas Intermediate was trading at US$93.60 on Tuesday, up more than three-and-a-half per cent – an indication that concerns about global energy supplies aren’t going away any time soon, in spite of WTI’s pullback this month from its spring highs.
“There’s been a little bit of a tug of war on energy,” said Philip Petursson, chief investment strategist at IG Wealth Management.
“You’ve had some investors saying `how much…