TSX Edges Higher as Oil Prices Ease
The S&P/TSX Composite Index edged higher toward 36,000 on Monday as retreating oil prices eased energy-driven inflation concerns. Crude prices pulled back after recent gains, offering some relief amid worries that rising energy costs could fuel inflation and prompt tighter monetary policy. Major banks advanced, with RBC gaining around 1.5%, while TD Bank, BMO, Scotiabank and CIBC each rose more than 1%. Markets widely expect the Bank of Canada to raise interest rates next week. Meanwhile, gold prices rose, lending support to mining shares, although prices later pared most of their gains. In the technology sector, Celestica climbed more than 2.5%, partially recovering from last week’s losses as Wall Street chipmakers rebounded ahead of the company’s third-quarter results. Agnico Eagle fell 0.5% ahead of its earnings report on Wednesday, while other mining stocks also declined.
The S&P/TSX Composite Index edged higher toward 36,000 on Monday as retreating oil prices eased energy-driven inflation concerns. Crude prices pulled back after recent gains, offering some relief amid worries that rising energy costs could fuel inflation and prompt tighter monetary policy. Major banks advanced, with RBC gaining around 1.5%, while TD Bank, BMO, Scotiabank and CIBC each rose more than 1%. Markets widely expect the Bank of Canada to raise interest rates next week.
Meanwhile, gold prices rose, lending support to mining shares, although prices later pared most of their gains. In the technology sector, Celestica climbed more than 2.5%, partially recovering from last week’s losses as Wall Street chipmakers rebounded ahead of the company’s third-quarter results. Agnico Eagle fell 0.5% ahead of its earnings report on Wednesday, while other mining stocks also declined.