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Energy sector and materials help TSX close just shy of the 22,000 mark By Investing.com

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TSX edges higher on commodities boost


© Reuters.

Investing.com – Canada’s main stock index, the S&P/TSX Composite gained 0.64% by the close to add 139 points, just shy of the 22,000 level.

The TSX’s gains posted it’s third consecutive day of gains, receiving a boost from miners, as prices jumped to their highest in seven months after a joint production cut agreed on by smelters in China. Rising gold prices also helped the heavyweight materials sector rise 3%

The also gained a boost from energy shares, with crude prices settling 2.68% higher to hit $79.64 a barrel, supporting the Canadian index’s energy sector to a 1.7% gain.

Crude prices rose after attacks on Russian refineries, hopes for Fed rate cuts, and healthy signs of demand in the U.S. as the EIS reported that Weekly stockpiles fell by 1.5M barrels last week.

The biggest gainers of the session on the S&P/TSX Composite were First Quantum Minerals (TSX:) Ltd . (TSX:FM), which rose 12.49% or 1.65 points to trade at 14.86 at the close. Lundin Mining Corporation (TSX:) (TSX:LUN) added 9.65% or 1.12 points to end at 12.73 and Teck Resources Ltd B (TSX:) (TSX:TECKb) was up 8.04% or 4.58 points to 61.56 in late trade.

Biggest losers included Cameco Corp (TSX:) (TSX:CCO), which lost 5.81% or 3.29 points to trade at 53.31 in late trade. Wesdome Gold (TSX:) Mines Ltd. (TSX:WDO) declined 4.71% or 0.46 points to end at 9.31 and Labrador Iron Ore (TSX:) Royalty Corp (TSX:LIF) shed 4.57% or 1.38 points to 28.84.

Wall Street’s main indices meanwhile closed mixed. At the close in NYSE, the gained 0.10%, while the S&P 500 index lost 0.19%, and the index lost 0.54%.

Wall Street’s main indices meanwhile were mixed, with the Dow edging higher on commodities support, while tech stocks weighed on the and S&P 500.

Sentiment remained cautious ahead of key U.S. producer price index and retail sales data for February due Thursday, and a rate-decision from the Federal Reserve next week.

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