Home Markets Toronto stocks hit 3-month high on strong commodity prices - Markets News...

Toronto stocks hit 3-month high on strong commodity prices – Markets News Jani

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.

RELATED ARTICLES
ECC approves import of 450,000 metric tonnes of wheat from Russia. , The Economic Coordination Committee (ECC) of the Cabinet on Monday approved the import...
China eases covid restrictions, Russia price cap - Oil jumps markets , LONDON: Global oil prices rose on Monday after China further eased strict Covid...
Ruble hits seven-week low against dollar as oil price range begins - Markets , MOSCOW: The ruble hit a seven-week low against the dollar as...
Oil prices climb after OPEC+ sets production cut targets, China eases Covid curbs - Markets , MELBOURNE: Oil prices rose as much as 2 percent...
G7 begins pressuring Russia over Ukraine with oil price cap - Markets , KYIV: A Group of Seven (G7) price cap on Russian offshore oil...
Oil prices climb after OPEC+ sets production cut targets, China eases Covid curbs - Markets , MELBOURNE: Oil prices rose 2 percent on Monday as...

Most Popular

PM Modi's policies made India more likely to divide: Jairam Ramesh , Jaipur: Slamming Prime Minister Narendra Modi, Congress leader Jairam Ramesh on Monday...
Shahid Khaqan Abbasi's interaction with media , Shahid Khaqan Abbasi's interaction with media
BSF DIG PSO Ajit Kumar Tete was awarded the President's Medal. , BSF DIG (PSO) Ajit Kumar Tete - Photo: Amar Ajala Listen to the news...
England beat Pakistan to take a 1-0 lead in the Test series , England bowled out Pakistan for 268 runs to win the first Test...
Himachal Pradesh Election Exit Poll Result 2022 Congress AAP BJP IMT , Shimla: The exit polls for the assembly elections held in Himachal Pradesh have...
A bomb disposal robot was seen at Glasgow Airport after the evacuation. , A bomb disposal robot was seen entering Glasgow Airport after the terminal...
UPURBAN LOCAL BODIES ELECTION: RESERVATION LIST FOR THE POST OF MAYOR AND PRESIDENT RELEASED UPPER NAKE CHINAO RESERVATION: RESERVATION FOR MUNICIPAL CORPORATION, MUNICIPAL COUNCIL...
Deepika Amin revisits '90s show Safar: 'Those were the days of great stories and performances' , Actress Deepika Amin shared several pictures from the television...