May 24 (Reuters) - Canada's main stock index rose on Tuesday
as energy and cyclical shares gained after investors returned
from a long weekend, although losses in U.S. equities kept
sentiment in check.
At 9:47 a.m. ET (13:47 GMT), the Toronto Stock Exchange's
S&P/TSX composite index was up 44.19 points, or 0.22%,
at 20,241.8, and could rise for a third straight session, if
The energy sector climbed 2.4% with oil producers
Whitecap Resources and MEG Energy, up nearly
3%, the largest percentage gainers on the TSX, while the
consumer staples advanced 1.0%.
The financials sector gained 0.5%, ahead of
earnings from Canada's major lenders with Bank of Nova Scotia
and Bank of Montreal reporting results on
"We had last lockdowns coming off over the course of the
quarter in Canada, so what does this mean for dividends and loan
lots? So there's going to be quite a bit to digest in the
earnings reports," said Colin Cieszynski, chief market
strategist at SIA Wealth Management.
Canada's top six banks are expected to post an average 12%
drop in second-quarter earnings sequentially, as increased
expenses and loan-loss reserves and lower investment banking
revenues outweigh strong loan growth and margin expansion from
rising interest rates.
The materials sector, which includes precious and
base metals' miners and fertilizer companies, added 0.4% as
bullion prices strengthened.
The benchmark index, down 4.8% so far this year, has
outperformed its North American counterparts, as resilience in
commodities has helped it cushion the impact of the broader
On the economic front, domestic factory sales most likely
rose 1.6% in April from March, while wholesale trade most likely
edged up 0.2% in April from March, Statistics Canada said.
(Reporting by Amal S in Bengaluru;
Editing by Vinay Dwivedi)