Energy Shares Lead Rally
The Toronto Stock Exchange TSX Composite was up more than 350 points today as battered energy stocks begin to rebound and the U.S. Federal Reserve offered assurance on its interest rates.
The S&P/TSX composite index jumped 355.61 points to 14,217.13, its second straight triple-digit advance as traders continued to buy stocks that were oversold during the course of a steep sell-off triggered by plunging oil prices, reports CTV News.
The gain on the TSX continued a 156 point rally that started yesterday as buyers started picking up stocks at bargain prices. The energy sector was the biggest beneficiary, rising 8%. The Canadian financial sector also saw improvements in line with energy, improving 1.2%. The financial sector had sold off on concerns about the impact of falling oil prices on the Canadian economy.
Canadian E&P microcap Strategic Oil and Gas (ticker: SOG) peaked at $0.22 per share, after hitting a low of $0.17 a share last Friday. Bellatrix Exploration Ltd (ticker: BXE), another Canadian E&P, saw its shares rise 8.36% to $3.59. Husky Energy (ticker: HSE) saw shares climb $2.31 to $25.67. The TSX energy sector as a whole was up 5% as oil in New York moved up $1.32 to $57.25 a barrel.
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