Toronto stocks hit 3-month high on strong commodity prices – Markets
Canada’s main stock index hit a three-month high on Tuesday as material shares advanced on a rebound in the dollar and energy companies benefited from higher oil prices.
At 10:28 a.m. ET (1528 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 180.04 points, or 0.9%, at 20,157.17, hovering below its strongest level since late August.
The energy sector rose 1.4 percent after top exporter Saudi Arabia said OPEC+ stuck with production cuts, while the materials sector rose 2.9 percent as base and precious metal prices were supported by a weaker dollar. was
Meanwhile, Canada’s domestic retail sales fell 0.5 percent in September due to lower sales at gasoline stations as well as grocery stores, although sales rose 1.5 percent in October.
Angelo Korkafas, investment strategist at Edward Jones Investments, said, “Given the pace of interest rate hikes, there are a lot of problems for the Canadian economy, so we expect more of that next year.” There will be a slowdown.
“In October, however, this should reflect a change in gasoline prices and be offset by a flexible labor market.”
In the United States, major indexes opened higher, with investors relieved by recent less dovish comments from Federal Reserve policymakers.
“Several Fed speakers underscored the message that we need to hike more, but at a slower pace. Looking at the background, inflation has eased even though a reading in October does not imply a trend. Ho,” said Corcafas.
Analysts are widely expecting a 50 basis point rate hike at the Fed’s December meeting.