S&P/TSX Composite edges higher as mining, energy gain
S&P/TSX Composite Index rose 0.1% to close at 36,834, backed by gold miner, energy producer and technology stock gains, alongside mixed financials despite bank earnings and inflation concerns.
The S&P/TSX Composite Index edged 0.1% higher to close at 36,834 on Thursday, supported by gains in gold miners, energy producers and technology stocks.
Gold prices firmed as concerns over global debt continued to support demand for the precious metal, lending support to miners.
Agnico Eagle rose 0.5%, Barrick added 0.6%, WPM advanced 1.2% and Franco-Nevada gained 1.4%.
Crude prices moved higher after the US and Iran traded recriminations over the US pledge to increase economic pressure on Iran, lifting energy stocks.
Suncor rose 1% and Cenovus gained 0.6%.
Strong results from Nvidia supported the technology sector, with Shopify rising 2.5%, Constellation Software adding 1.8% and Celestica advancing 3.2%.
In the financial sector, renewed inflation concerns from energy costs offset a positive batch of bank earnings.
RBC shed 1.6% and CIBC lost 2.8% despite beating estimates.
Meanwhile, TD Bank gained 1.2% after reporting a 38% rise in net income.