TSX Advances as Oil Rally Stalls
The S&P/TSX Composite Index rose 1% to close at 35,503 as the oil rally stalled, easing concerns over energy-driven inflation and pushing Canadian bond yields lower. Softer-than-expected US payrolls also supported rate-sensitive stocks as expectations of a Fed rate hike this month declined. Financials gained, with CIBC up 1.1% and Great-West Lifeco rising 2%. Technology stocks advanced as well, tracking strength in the Wall Street AI trade, with Shopify up 1.7% and Celestica jumping 3.9%. Miners gained despite lower gold prices, as reduced expectations of a Fed rate hike following the weaker US jobs data supported the outlook for the metal. Agnico Eagle rose 2.1%, while WPM added 2.6%. 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 1% to close at 35,503 as the oil rally stalled, easing concerns over energy-driven inflation and pushing Canadian bond yields lower. Softer-than-expected US payrolls also supported rate-sensitive stocks as expectations of a Fed rate hike this month declined. 1% and Great-West Lifeco rising 2%. 9%.
Miners gained despite lower gold prices, as reduced expectations of a Fed rate hike following the weaker US jobs data supported the outlook for the metal. 6%. 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.