Shares in Canada’s largest market rose on Tuesday as surging gold and crude prices boosted materials and energy stocks, with investor focus now on the Bank of Canada policy meeting due Wednesday.
The TSX Composite Index reclaimed 113.92 points to break for lunch Tuesday at 21,904.41.
The Canadian dollar recovered 0.19 cents to 79.29 cents U.S.
Tilray Brands rose 20 cents, or 2.5% to $8.27, after it agreed to buy $193 million of Hexo’s remaining debt, in a deal that gives the cannabis producer a right to pick up a significant equity
stake in its troubled rival. Hexo shares, for their part, hiked a penny, or 1.4%, to 73 cents,
The largest percentage gainers on the TSX were Enerplus, which jumped 63 cents, or 3.9%, to $16.65, followed by lumber producer
Interfor, which rose 76 cents, or 2.4%, to $33.06.
Power producer Boralex fell 60 cents, or 1.5%, the most on the TSX, to $38.87. The second biggest decliner was Chartwell Retirement
Residences, down 15 cents, or 1.1%, to $13.03.
The most heavily traded shares by volume were those of Toronto-Dominion Bank, which were down 68 cents to $96.00, Cenovus Energy, up $1.03, or 4.9%, to $21.86 and Suncor Energy, up $1.35, or 3.3%, to $41.85.
Ontario’s chief medical officer of health say the province is in the sixth wave of the COVID-19 pandemic.
The wave is driven by the highly transmissible BA.2 sub-variant of the Omicron coronavirus and hospitalizations are likely to rise over the coming weeks.
ON BAYSTREET
The TSX Venture Exchange added 6.26 points to 882.59.
All but three of the 12 TSX subgroups were pointed upward midday, led by energy, 3.1% more energetic, gold, improving 1.9%, and materials, ahead 1.4%.
The three laggards proved to be financials, down 0.2%, while utilities eased 0.04%, and communications lost 0.03%
ON WALLSTREET
Stocks rose Tuesday, boosted by data showing that so-called core inflation rose slightly less than expected last month.
The Dow Jones Industrials raced 242.28 points to 34,550.36.
The S&P 500 took on 39.95 points to 4,452.48
The NASDAQ Composite regained 171.48 points, or 1.3%, to 13,583.43.
Microsoft climbed 1.6%. Chip stocks Nvidia popped 3.7%, Qualcomm jumped 2.2% and Broadcom rallied 2.4%. Tesla rallied 3.9%.
Energy stocks tracked oil prices upward. Devon Energy jumped 4.1%, Marathon Oil popped 4%, Chevron spiked 2.4%.
Consumer prices for March increased 1.2% month-to-month and 8.5% annually, the Labor Department said on Tuesday. But traders were focusing on the core reading, which excludes food and energy prices.
Core CPI in March increased 0.3%, below the consensus economist estimate from Dow Jones of 0.5%. Core prices on an annual basis were up 6.5%.
Treasury prices gained ground, putting yields back down to 2.70%, from Monday’s 2.77%. Treasury prices and yields move in opposite directions.
Oil prices regained $6.91 to $101.20 U.S. a barrel.
Gold prices jumped $29.90 to $1,978.10 U.S. an ounce.