© 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.
