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CANADA STOCKS-TSX ekes out fifth day of gains as gold strength offsets oil slump

By Nichola Saminather

July 21 (Reuters)Canada’s main stock index inched up to eke out its fifth day of gains on Thursday, lifted by strength in industrials, miners and technology firms that helped counterbalance declines in energy producers.

The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE closed up 42.18 points, or 0.22%, at 19,062.85.

The gains were more muted than on Wall Street, where strong corporate earnings continued to lift stocks.

“Big U.S. corporations are reporting results right now,” said Brian Madden, chief investment officer at First Avenue Investment Counsel. “That hasn’t really started just yet in Canada, so there’s not much information coming out.”

Gold, which has been throttled in the last few months by “relentless strength” in the U.S. dollar, received a reprieve from the European Central Bank’s bigger-than-expected interest rate hike, he added.

“The U.S. dollar is weakening today with the rate hikes in Europe, so that may be putting a bit of enthusiasm back into the gold trade.”

Precious metals producers including Pan American Silver Corp PAAS.TO, K92 Mining KNT.TO and Osisko Mining OSK.TO were among the biggest gainers on the Toronto index. Spot gold XAU= was up 1.4% at 2029 GMT.

The industrials subindex posted the biggest gain in Toronto, climbing 1.4%. It was lifted by Mullen Group MTL.TO, which handily beat estimates for second-quarter profit, and was the day’s best performer.

The energy sector .SPTTEN fell 2.15%, dragged down by a 5.7% slump in crude prices CLc1 on higher U.S. gasoline stockpiles and returning supply from Libya and Russia, and after the ECB’s rate hike stoked demand concerns. O/R

The healthcare sector, dominated by cannabis stocks, was the biggest decliner, falling 2.7%. rose 1.3%

Rogers Communications Inc RCIb.TO rose 0.5% on appointing Ron McKenzie as its new chief technology and information officer, weeks after an unprecedented outage at one of Canada’s biggest telecom operators shut banking, transport and government access for millions.

Energy stocks fall 4% https://tmsnrt.rs/3IVIuIm

(Reporting by Nichola Saminather; Additional reporting by Bansari Mayur Kamdar in Bengaluru; Editing by Vinay Dwivedi and Jonathan Oatis)


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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