TSX Gains as Oil Rally Stalls
The S&P/TSX Composite Index rose nearly 1% to hover around 35,500 as the oil rally stalled, easing concerns over energy-driven inflation and pushing Canadian bond yields lower. In addition, softer-than-expected US payrolls also supported rate-sensitive stocks amid reduced expectations of a Fed rate hike this month. Financial stocks gained, with Scotiabank up nearly 1%. Tech stocks also advanced, tracking strength in the Wall Street AI trade, with Shopify up nearly 2%. Gold prices edged higher, supporting miners, with Agnico Eagle and WPM both rising more than 2%. Meanwhile, Prime Minister Carney said Canada will fast-track approval of a proposed crude oil export pipeline to the West Coast, a key part of his efforts to diversify the economy away from the US.
The S&P/TSX Composite Index rose nearly 1% to hover around 35,500 as the oil rally stalled, easing concerns over energy-driven inflation and pushing Canadian bond yields lower. In addition, softer-than-expected US payrolls also supported rate-sensitive stocks amid reduced expectations of a Fed rate hike this month. Financial stocks gained, with Scotiabank up nearly 1%. Tech stocks also advanced, tracking strength in the Wall Street AI trade, with Shopify up nearly 2%.
Gold prices edged higher, supporting miners, with Agnico Eagle and WPM both rising more than 2%. Meanwhile, Prime Minister Carney said Canada will fast-track approval of a proposed crude oil export pipeline to the West Coast, a key part of his efforts to diversify the economy away from the US.