TSX Edges Higher as Energy Stocks Gain
The S&P/TSX Composite Index edged higher above 35,000 on Thursday, supported by gains in the energy and related industrial services sectors. Oil prices surged on reports that the US is planning new strikes against Iran, risking the recent rebound in Middle Eastern oil exports. Energy producers gained, with Canadian Natural, Suncor and Imperial Oil up about 2% each, while Cenovus added nearly 3%. Enbridge, Waste Connections and TC Energy rose about 1% each. Most gold miners edged higher as gold prices posted modest gains after falling in the prior session, with Agnico Eagle and Franco-Nevada up more than 0.5%. Global yields also extended their rally amid intensifying inflationary pressures from high oil and fuel prices and a hawkish US Federal Reserve backdrop. Financials posted losses, with RBC and BMO down nearly 1%, while TD Bank and CIBC fell about 0.5%.
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The S&P/TSX Composite Index edged higher above 35,000 on Thursday, supported by gains in the energy and related industrial services sectors. Oil prices surged on reports that the US is planning new strikes against Iran, risking the recent rebound in Middle Eastern oil exports. Energy producers gained, with Canadian Natural, Suncor and Imperial Oil up about 2% each, while Cenovus added nearly 3%. Enbridge, Waste Connections and TC Energy rose about 1% each.
5%. Global yields also extended their rally amid intensifying inflationary pressures from high oil and fuel prices and a hawkish US Federal Reserve backdrop. 5%.