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HomeBusiness ReportAFTER THE BELL: TSX moves higher on broad-based gains, oil drops ahead...

AFTER THE BELL: TSX moves higher on broad-based gains, oil drops ahead of meeting of world exporters

Canada’s stock exchange rallied from yesterday’s 211-point drop with broad-based gains across the index.

It was an overall green day on Bay Street as the TSX rose 110 points.

Leading the upward surge were the heavyweight energy and financials sectors.

Energy stocks moved up despite a roller-coaster day for oil, ahead of a meeting of the world’s largest exporters who are looking at cutting output to keep prices from falling any further.

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Crescent Point Energy jumped 4.8 percent, Canadian Natural Energy was 4.2 percent higher, and Suncor Energy rose 3.3 percent.

Canadian energy companies surged despite a drop in crude prices.

Oil pared earlier gains, losing 49 cents to $52.77 US a barrel.

Elsewhere, industrials were up 1.3 percent, led by a 3.7 percent rise in aerospace giant Bombardier.

The TSX’s lone drag was the health care sector, which fell 5.6 percent as investors continue to shed pot stocks.

It was another rough day for Aphria. The Canadian cannabis producer was the most actively traded company on the index and lost another 16.5 percent, after a short-sellers’ report said it was a “black hole for shareholders.”

Joining Aphria in the red was Aurora Cannabis, down 12.8 percent and Canopy Growth, off by 10 percent.

Meanwhile, the Bank of Canada announced today that it will leave its interest rate steady at 1.75 percent.

The central bank said “signs are emerging” that trade conflicts are weighing more heavily on global demand. In a release, the BoC added that slumping oil prices will have a negative impact on Canada’s energy sector.

Future rate hikes will depend on factors such as the effect higher rates will have on consumption and housing, the oil price shock, and, according to the BoC, “the evolution of business investment.”

Today’s Central Bank announcement sent the loonie reeling. The Canadian dollar lost more than half a cent, weakening by 53/100ths of a cent to $0.7485 US, marking an 18-month low.

U.S. markets were closed today, as America mourns former president George H.W. Bush who passed away last week at the age of 94.

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