A sign board displays the TSX's close on Monday, Dec. 31, 2018. THE CANADIAN PRESS/Frank Gunn

S&P/TSX composite edges higher despite energy trending down on Keystone XL news

S&P/TSX composite edges higher despite energy trending down on Keystone XL news

TORONTO — Canada’s main stock index edged higher in a broad-based rally even as energy was pulled down by the prospect of a presidential permit being rescinded for the Keystone XL project.

The S&P/TSX composite index closed up 35.85 points to 17,944.88.

Nine of the 11 major sectors on the TSX were higher, led by technology and health care.

A 5.8 per cent increase in shares of BlackBerry Ltd. pushed technology up 1.4 per cent.

Health care gained 1.3 per cent with cannabis producer Aphria Inc. up 3.8 per cent.

The heavyweight financials sectors was higher while materials moved upwards on a rise in gold prices on some profit-taking after last week’s poor performance.

The February gold contract was up US$6.90 at US$1,836.80 an ounce and the March copper contract was up 1.15 cents at US$3.61 a pound.

Energy fell 1.6 per cent on lower crude oil prices and a 4.5 per cent pullback by TC Energy Corp. over uncertainty about the future of the western Canadian pipeline extension.

President-elect Joe Biden’s intention on Keystone XL, outlined in transition documents seen by The Canadian Press, suggests he plans to sign an executive order as early as inauguration day to rescind the permit issued in 2019 by predecessor Donald Trump.

“This really shouldn’t come as a huge surprise,” said Mike Archibald, vice-president and portfolio manager with AGF Investments Inc.

“There had been some talk that this would likely happen at some point of time in the first six months in his administration, although I will say I think it’s coming a little sooner than many had expected.”

The overhang pushed MEG Energy Corp. down five per cent, Seven Generations Energy Ltd. down 4.4 per cent and Vermilion Energy Inc. off 4.1 per cent.

“Clearly there’s going to continue to be an ongoing battle over whether or not this pipeline actually ever gets put into use,” Archibald said in an interview.

Crude oil prices also dipped with the March crude oil contract down 27 cents at US$52.15 per barrel and the February natural gas contract was down 11.8 cents at nearly US$2.62 per mmBTU.

TC Energy announced a plan Sunday for the Keystone XL project to achieve net zero emissions, even as its future appeared in doubt.

The Calgary-based company said it has a plan to eliminate the effect of greenhouse gas emissions from Keystone XL’s operations.

The company said net zero emissions will be achieved when the pipeline is placed into service in 2023 by buying renewable energy from electricity providers, and if it is not available it will purchase renewable energy credits or carbon offsets.

U.S. stock markets were closed for Martin Luther King Jr. Day.

The Canadian dollar traded for 78.36 cents US compared with 78.57 cents US on Friday.

The Canadian stock market tends to be very slow on days when its U.S. counterparts are closed.

Bank of America, Goldman Sachs and Netflix report earnings Tuesday.

Observers will see if these banks buck the trend of other large banks, whose shares were under pressure last week despite beating expectations.

And Netflix will give a sense if stay-at-home stocks that did well during the COVID-19 pandemic continue to attract money in the market, said Archibald.

This report by The Canadian Press was first published Jan. 18, 2021.

Companies in this story: (TSX:BB, TSX:APHA, TSX:TRP, TSX:MEG, TSX:VII, TSX:VET, TSX:GSPTSE, TSX:CADUSD=X)

Ross Marowits, The Canadian Press

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Lyn Radford, 2019 Canada Winter Games board chair, was named 2020 Sport Event Volunteer of the Year at the Prestige Awards. (File photo by Advocate staff)
WATCH: Lyn Radford wins award for volunteer efforts

The board chair of the 2019 Canada Winter Games in Red Deer… Continue reading

A candlelight vigil will be held in Red Deer on Thursday to honour the 350-plus people killed in the Easter bombing attack in Sri Lanka. Contributed photo
Candlelight vigil planned for deaths linked to Olymel COVID-19 outbreak

A candlelight vigil is being planned for those who died due to… Continue reading

Red Deer Rebels forward Jaxsen Wiebe battles Calgary Hitmen forward Cael Zimmerman for a loose puck when the two teams squared off in February last season. (Photo by BYRON HACKETT/Advocate Staff)
Calgary Hitmen shutout Red Deer Rebels

Rebels name centre Jayden Grubbe team captain ahead of Friday’s game

Traffic will be delayed on 40th Avenue and 19th Street until the end of February. (Advocate file photo).
Traffic delays expected downtown this weekend

Red Deer drivers will be delayed in the downtown area of the… Continue reading

Bryson, six, and Mara, eight, play with puppies from Dogs With Wings Saturday. (Photo by Sean McIntosh/Advocate staff)
WATCH: Dogs With Wings introduces Red Deer program

A program that trains puppies to be certified service, autism, facility and… Continue reading

Walter Gretzky father of hockey hall-of-famer Wayne Gretzky waves to fans as the Buffalo Sabres play against the Toronto Maple Leafs during third period NHL hockey action in Toronto on Tuesday, January 17, 2017. THE CANADIAN PRESS/Nathan Denette
Funeral for Walter Gretzky to be held Saturday in home town of Brantford, Ont.

The funeral for hockey legend Wayne Gretzky’s father Walter will take place… Continue reading

A sign for the Canadian Security Intelligence Service building is shown in Ottawa on May 14, 2013. A newly released audit report shows that difficulties with the judicial warrant process at Canada's spy agency — an issue that made headlines last summer — stretch back at least nine years. THE CANADIAN PRESS/Sean Kilpatrick
Spy warrant shortcomings stretch back almost a decade, newly released audit shows

OTTAWA — A newly released audit report shows that difficulties with the… Continue reading

In this file photo, a lotto Max ticket is shown in Toronto on Monday Feb. 26, 2018. (By THE CANADIAN PRESS)
No winning ticket for Friday night’s Lotto Max jackpot

TORONTO — No winning ticket was sold for the estimated $29 million… Continue reading

A trial countdown sign marks the days at George Floyd Square, March 4, 2021, in Minneapolis. Ten months after police officers brushed off George Floyd's moans for help on the street outside a south Minneapolis grocery, the square remains a makeshift memorial for Floyd who died at the hand of police making an arrest. The trial of former Minneapolis police officer Derek Chauvin will begin with jury selection on March 8. (AP Photo/Jim Mone)
Officer’s trial could reopen intersection where Floyd died

MINNEAPOLIS — During a group’s recent meeting at the now-vacant Speedway gas… Continue reading

FILE - In this Aug. 30, 2020 file photo Portland Police Chief Chuck Lovell calls for an end to violence in the city during a news conference a day after a demonstrator was shot and killed in downtown Portland. Amid protests following the police killing of George Floyd last year Portland dissolved a special police unit designed to focus on gun violence. Critics say the squad unfairly targeted Black people, but gun violence and homicides have since spiked in Oregon's largest city, and some say disbanding the 35-officer unit was a mistake. (Sean Meagher/The Oregonian via AP, File)
As violence surges, some question Portland axing police unit

PORTLAND, Ore. — Elmer Yarborough got a terrifying call from his sister:… Continue reading

Harley Hay
Harley Hay: Just don’t call it cod liver oil

Many people swear that a daily dose of various vitamins is an… Continue reading

Email editor@auburn-reporter.com
Letter: Preserving green spaces in Red Deer

The Advocate published an article Feb. 11 about Sunnybrook residents concerned about… Continue reading

Former Toronto Argonauts lineman Chris Schultz remembered as a gentle giant

Former Toronto Argonauts lineman Chris Schultz remembered as a gentle giant

Most Read