Home Commodities TSX higher on commodities boost By Investing.com

TSX higher on commodities boost By Investing.com

TSX edges higher on commodities boost

© Reuters.

Investing.com — Canada’s main stock index, the S&P/TSX Composite rose on Tuesday, even as Wall Street’s main indices traded on a mixed note following a barrage of Fed hawkishness that squashed hopes of a March rate cut.

The commodity heavy Canadian index was supported by gains in energy stocks as oil prices edged higher, following a report from the U.S. Energy Department stating that production would not grow as fast as had been previously forecast.

Gains in gold and prices also helped boost the , with copper prices supported by China’s efforts to stabilize its markets.

Toronto Stock Market News

Precision Drilling (TSX:) Corp reported a profit of $146.7 million for the quarter, up from a profit of $3.5 million a year earlier. Profit amounted to $9.81 per diluted share, up from 27 cents per diluted share this time last year. Revenue totalled $506.9 million, compared to $510.5 million a year earlier.

For earnings, view our earnings calendar.

Toronto Stocks Moving Markets Today

Top Gainers on the TSX Today:

  • Lithium Americas (TSX:)
  • Tilray (TSX:)
  • Precision Drilling Corporation (TSX:)

Top Losers on the TSX Today:

  • Intl. Petroleum (TSX:)
  • Kinaxis (TSX:)
  • Energy Fuels Inc (TSX:).

For all Canadian Stocks Moving Markets today, view our Canada Markets Page.

In Canadian Economics

Bank of Canada Governor Tiff Macklem, in a speech today, noted that inflation in Canada would need more time to cool. He also warned that the biggest driver of inflation – shelter costs – could not easily be controlled through monetary policy.

“Housing affordability is a significant problem in Canada – but not one that can be fixed by raising or lowering interest rates,” Macklem noted.

Data from Statistics Canada showed that the total monthly value of in Canada decreased 14.0% from November to $9.2 billion in December.

The reading came in at 56.5 in January from 56.3 in December. A reading above 50 indicates an expansion in activity.

For all Canadian economic releases, view our economic calendar.

All currencies Canadian Dollar unless noted otherwise.

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