CANADA STOCKS-Energy stocks push TSX higher, Nuvei slumps after qtrly profit drops
(Updated at 10:06 a.m. ET)
By Siddarth S
Aug 9 (Reuters) - Canada's main stock index rose on Wednesday, driven by gains in energy stocks as oil prices rose on supply tightness, while Nuvei Corp shares slumped after the payments firm's quarterly profit more than halved.
At 10:06 a.m. ET (1406 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 90.42 points, or 0.45%, at 20,296.4. The index ended down 0.15% on Tuesday.
Heavily weighted energy stocks climbed 1.3% as oil touched new highs on supply tightness due to output cuts by Saudi Arabia and Russia.
Materials stocks added 0.6% as copper prices bounced back from one-month lows on hopes of more economic stimulus for China, the top metals consumer, after data showed consumer sector fell into deflation in July.
"Just another log on the fire - (in the) kind of building the story of an economy (China), that's slowing," said Brian Madden, chief investment officer at First Avenue Investment Counsel.
Canadian listed shares of Nuvei Corp slumped over 35% to the bottom of the index after the firm's quarterly net income more than halved.
Investors are bracing for a busy week of earnings in Canada, with the results of cannabis company Trulieve Cannabis and financial services firm Manulife Financial due later in the day.
The value of Canadian building permits rose by 6.1% in June from May, data showed. (Reporting by Siddarth S in Bengaluru; Editing by Pooja Desai and Shailesh Kuber)
