TSX up 87 points in midafternoon trading; dollar rises

Toronto Stock Exchange logo is seen in Toronto

Air Canada stocks soared 10.8 percent to C$25.84 after several analysts raised their target prices and ratings on the airline following its update of its 2018 to 2020 financial goals.

The S&P/TSX Composite Index added 56.30 points to 15,292.97 while the TSX Venture Exchange added 0.97 points to 777.75. It touched as high as 15,315.27 during the session, a level not reached since August 3.

The financial sector, which accounts for about a third of the index's weight, climbed 0.5 percent.

The materials group lost 0.6 percent, with gold miners the index's biggest drags.

On Wall Street, it was also another positive day as investors looked ahead to the latest two-day policy meeting of the U.S. Federal Reserve, set to begin Tuesday.

The Canadian dollar slipped 0.0003, remaining at 81 cents.

Securities data for July is due at 08:30 a.m. ET.

USA policy makers kept interest rates unchanged at today's meeting, and maintained their so-called "dot plot" of rate projections for this year and next, strongly hinting at a December rate hike. "You've seen the TSX bounce back from the lows", said Manash Goswami, senior vice president, portfolio manager at First Asset ETFs.

September futures on the S&P TSX index were up 0.1 per cent at 7:15 a.m. ET.

The S&P 500 index was down 1.01 points to 2,505.64 and the Nasdaq composite index was down 23.70 points to 6,437.62. The broader industrials group rose 1.3 percent.

At the close in Toronto, the rose 0.63% to hit a new 3-months high. The projection for next year was kept at 2.3 percent.

US crude rose 1.78 per cent to $50.36 per barrel and Brent was last at $55.85, up 1.73 percent on the day.

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