Toronto Stock Exchange index traded flat on Tuesday as investors looked to the upcoming speeches from U.S. Federal Reserve officials after the central bank’s hawkish tilt last week weighed on risk-driven assets.
* At 9:42 a.m. ET (13:42 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 16.02 points, or 0.08%, at 20,172.38.
* All eyes are on the U.S. central bank, after the Fed last week signaled a potentially tougher stance on inflation and shifted projections for its first two rate hikes into 2023, sparking a selloff in global stocks.
* But strength in commodity prices, as well as renewed buying into technology stocks, had seen the TSX scale record highs last week.
* The heavyweight energy sector dropped 1.2% as U.S. crude prices were down 0.3% a barrel, while Brent crude lost 0.2%. [O/R]
* The financials sector slipped 0.1%. The industrials sector rose 0.3%.
* Fertilizer maker Nutrien rose 2% after it outlined plans to increase potash output in the wake of European Union sanctions on Belarus.
* On the TSX, 93 issues were higher, while 130 issues declined for a 1.40-to-1 ratio to the downside, with 21.25 million shares traded.
* The largest percentage gainers on the TSX were Ballard Power, which jumped 2.7% receiving a follow-on order for fuel cells, and Alimentation Couche-Tard, which rose 2.5%.
* Kinross Gold fell 4.7%, the most on the TSX, while the second biggest decliner was Endeavour Silver, down 2.8% as precious metal prices slipped o
