TSX gains on upbeat economic growth data

Canada's main stock index rose on Wednesday, after government data showed the domestic economy expanded in July, bolstering optimism around a post-coronavirus recovery.

The Canadian economy clawed back from pandemic lows, though the pace of growth slowed through the summer, data showed on Wednesday.

Real GDP rose 3.0pc in July, in line with analysts' expectations, while August GDP is expected to increase by 1.0pc.

At 09:38 a.m. ET (1338 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 47.98 points, or 0.3pc, at 16,259.5.

The energy sector climbed 0.4pc as US crude prices were up 0.5pc a barrel, while Brent crude lost 0.8pc.

The materials sector, which includes precious and base metals miners and fertilizer companies, lost 0.6pc as gold futures fell 0.2pc to $1,891 an ounce.

On the TSX, 148 issues were higher, while 67 issues declined for a 2.21-to-1 ratio favoring gainers, with 13.19 million shares traded.

The largest percentage gainer on the TSX was Canada Goose Holdings Inc, which jumped 10.4pc after Cowen & Co upgraded the apparel maker's stock to "outperform" from "market perform".

Lundin Mining Corp rose 5.8pc after multiple brokerages raised price target of the stock.

OceanaGold Corp fell 11.5pc, the most on the TSX, and the second-biggest decliner was Osisko Mining Inc, down 2.5pc.

The most heavily-traded shares by volume were The Bank of Nova Scotia, Canadian Imperial Bank of Commerce, and OceanaGold Corp.

The TSX posted four new 52-week highs and no new lows.

Across all Canadian issues there were 12 new 52-week highs and three new lows, with total volume of 20.33 million shares.