Canada’s main stock index rose on Tuesday, boosted by strength in commodity-linked stocks and upbeat domestic GDP data, although an escalating Russia-Ukraine crisis kept sentiment in check.
At 9:48 a.m. ET (14:48 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 67.94 points, or 0.32%, at 21,194.3, aided by a more than 2% jump in both energy and mining sectors.
The energy sector climbed 2.3%, extending gains for a sixth straight session, aided by stronger crude prices as concerns over supply disruptions after Russia’s invasion of Ukraine and related sanctions outweighed talks of a coordinated global release of crude stocks. [O/R]
Canada’s economy grew at an annualized rate of 6.7% in the fourth quarter, beating expectations, while real gross domestic product (GDP) most likely rose 0.2% in January after staying flat in December, Statistics Canada preliminary data showed.
“The fact that Statistics Canada is suggesting that the economy managed to grind ahead in that month (January) to me is a very pleasant positive surprise given that big parts of the economy saw restrictions kick in at the start of the year; mostly Ontario and Quebec but other areas as well,” said Doug Porter, chief economist at BMO Capital Markets.
The materials sector, which includes precious and base metals miners and fertilizer companies, added 2.3% as gold futures rose 1.2% to $1,921.5 an ounce. [GOL/]
Global equities fell as markets struggled with massive uncertainty caused by Russia’s invasion of Ukraine.
A Russian armored column bore down on Ukraine’s capital Kyiv on Tuesday and invasion forces fired rocket barrages into the center of the country’s second largest city Kharkiv, on the sixth day of Russia’s assault on its western neighbor.
Simmering geopolitical tensions and concerns around soaring inflation have roiled markets in the last few weeks, although strength in commodities has cushioned the impact on the TSX.
Bank of Montreal and Bank of Nova Scotia gained 1.3% and 0.9% respectively, as they joined their Canadian rivals in beating analysts’ expectations for first-quarter profits.
(Reporting by Amal S in Bengaluru; Additional reporting by Fergal Smith; Editing by Vinay Dwivedi)
TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.
The S&P/TSX composite index closed up 93.51 points at 23,568.65.
In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.
The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.
The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.
The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.
This report by The Canadian Press was first published Sept. 13, 2024.
OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.
The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.
The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.
The personal and household goods subsector fell 2.5 per cent to $12.1 billion.
In volume terms, overall wholesale sales rose 0.5 per cent in July.
Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.
This report by The Canadian Press was first published Sept. 13, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 172.18 points at 23,383.35.
In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.
The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.
The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.
The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.
This report by The Canadian Press was first published Sept. 12, 2024.
