(Updates prices, adds sector details)
Jan 20 (Reuters) – Canada’s main stock index rose on Wednesday, supported by energy and material stocks, as investors hope for U.S. stimulus as Joe Biden takes over as the next president.
* Investors are focused on hopes of a big relief package as U.S. President-elect Joe Biden will be sworn into office later today. Last week he outlined a $1.9 trillion stimulus package proposal to jump start the economy from pandemic-driven slump.
* The energy sector climbed 1.1% as U.S. crude prices were up 1.3% a barrel, while Brent crude added 1.1%.
* The materials sector, which includes precious and base metals miners and fertilizer companies, added 1.5% as gold futures rose 0.3% to $1,844.4 an ounce.
* At 9:37 a.m. ET (14:37 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 43.62 points, or 0.24%, at 18,000.99.
* Locally data showed the nation’s annual inflation rate slowed to 0.7% in December from 1.0% the previous month amid a new round of COVID-19 lockdowns and declining costs of food and airplane tickets.
* The largest percentage gainer on the TSX was Blackberry Limited, which jumped 8%, extending gains from prior session after the cybersecurity firm settled patent disputes with Facebook Inc.
* Its gains were followed by oil producer MEG Energy Corp , which rose 5%.
* On the TSX, 158 issues were higher, while 57 issues declined for a 2.77-to-1 ratio favoring gainers, with 12.90 million shares traded.
* Fuel-cell products developer Ballard Power Systems Inc fell 3.3%, the most on the TSX, and the second biggest decliner was Trillium Therapeutics Inc, down 0.8%.
* The most heavily traded shares by volume were Blackberry, First Mining Gold Corp and Largo Resources Ltd.
* The TSX posted six new 52-week highs and no new low.
* Across all Canadian issues there were 76 new 52-week highs and two new lows, with total volume of 33.06 million shares.
Reporting by Amal S in Bengaluru; Editing by Amy Caren Daniel