TSX Rises Gold Miners Gains
The S&P/TSX Composite Index rose nearly 1% to trade close to 36,000 on Thursday as gold prices jumped, lending support to mining stocks. Gold rebounded as the recent rally in oil prices lost steam, limiting the surge in bond yields. The moves followed reports that Saudi Arabia aims to restore around half of its East-West pipeline capacity within days and return it to full operation within six weeks. Agnico Eagle, Barrick and WPM rising about 2%. The pause in the oil rally also supported credit-sensitive stocks, as easing inflationary pressures helped lower bond yields. Major banks traded above the flatline, with CIBC and National Bank up around 0.5%. Meanwhile, the US Federal Reserve raised interest rates, while FOMC members projected in their Summary of Economic Projections that another rate hike could be warranted this year. Fed Chair Kevin Warsh said inflation remains elevated, while data released last week showed that core US inflation rose more than anticipated in August.
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The S&P/TSX Composite Index rose nearly 1% to trade close to 36,000 on Thursday as gold prices jumped, lending support to mining stocks. Gold rebounded as the recent rally in oil prices lost steam, limiting the surge in bond yields. The moves followed reports that Saudi Arabia aims to restore around half of its East-West pipeline capacity within days and return it to full operation within six weeks. Agnico Eagle, Barrick and WPM rising about 2%.
The pause in the oil rally also supported credit-sensitive stocks, as easing inflationary pressures helped lower bond yields. 5%. Meanwhile, the US Federal Reserve raised interest rates, while FOMC members projected in their Summary of Economic Projections that another rate hike could be warranted this year. Fed Chair Kevin Warsh said inflation remains elevated, while data released last week showed that core US inflation rose more than anticipated in August.