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Energy Powers TSX Higher
The TSX Composite Index raised itself 78.01 points by Tuesday’s close to 21,953.80.
The Canadian dollar was up 0.35 cents to 73.14 cents U.S.
Money markets currently see a 41% chance of a rate cut in July by the Bank of Canada, while a 63% chance of an interest rate cut in September by the U.S. Fed, according to LSEG data.
Energy dominated things, with Africa Oil leaping 11 cents, or 4.5%, to $2.55, while Athabasca Oil gathered 18 cents or 3.5%, to $5.36.
In consumer staples, Saputo popped 90 cents, or 2.9%, while shares in George Weston soared $4.65, or 2.4%, to $201.44.
Tech issues also had a prosperous day, with Converge Technology up 13 cents, or 3%, to $4.43, while Kinaxis jumped $4.07, or 2.6%, to $161.83.
Communications weighed on things, though, with BCE down $1.47, or 3.3%, to $42.84, while Rogers slid $1.11, or 2.2%, to $49.49.
In consumer discretionary stocks, Restaurant Brands International sank $2.45, or 2.5%, to $93.95, while Aritzia dipped 79 cents, or 2%, to $37.93.
In industrials, Richelieu Hardware shed $1.04, or 2.5%, to $40.15, while Ballard Power let go of 12 cents, or 3.9%, to $2.97.
On the economic stage, the Markit PMI Manufacturing PMI stood pat in June from May at 49.3 points.
Stock markets were closed Monday for Canada Day.
ON BAYSTREET
The TSX Venture Exchange slipped 3.06 points to 566.76
The 12 TSX subgroups were evenly matched, with energy leading gainers, up 1.5%, while consumer staples bettered themselves 1.2%, and information technology jumped 1.1%.
Among the half-dozen laggards, communications fell 1.8%, while consumer discretionary and industrial stocks each fell 0.2%.
ON WALLSTREET
Stocks rose Tuesday as Federal Reserve Chair Jerome Powell noted progress on inflation, but reiterated that the central bank was not quite ready to cut rates.
The Dow Jones Industrials recovered 162.33 points to close Tuesday at 39,331.85.
The S&P 500 index hiked 33.95 points to 5,509.04.
The NASDAQ gained 149.46 points to 18,028.76.
“We’ve made quite a bit of progress and in bringing inflation back down to our target,” Powell said at a central banking forum.
“We want to be more confident that inflation is moving sustainably down toward 2% before we start the process of reducing type or policies of loosening policy,” he added.
Trading volume is likely to be muted this week. The New York Stock Exchange closes early at 1 p.m. ET on Wednesday and will be shut on Thursday for Independence Day.
Prices for the 10-year Treasury gained ground, lowering yields to 4.43% from Monday’s 4.48%. Treasury prices and yields move in opposite directions.
Oil prices subtracted 39 cents at $82.99 U.S. a barrel.
Gold prices eked ahead $1.20 to $2,340.10
