TSX Rises as Oil Prices Retreat
The S&P/TSX Composite Index gained 0.5% to trade near 36,000 on Tuesday, as lower oil prices offered some relief to credit-sensitive stocks. Crude prices declined after US President Trump announced that the US would end its financial support for Israel by year-end, while Iranian officials signaled openness to diplomacy. Banks, which had been under pressure from inflation concerns stemming from the oil rally, rose. RBC, BMO and National Bank each rose about 1%, while TD Bank added 0.5%. Miners gained despite subdued gold prices, with Agnico Eagle, Barrick and WPM rising around 3% each, while Franco-Nevada advanced 2%. Elsewhere, Topaz Energy fell 4% despite reporting better-than-expected adjusted third-quarter profit. Toromont slipped 0.2% despite beating quarterly revenue estimates. Meanwhile, Fairfax Financial’s (-0.4%) proposed takeover of IDBI Bank is facing opposition from employees and political parties over the lender’s valuation and the Indian government’s stake-sale process.
The S&P/TSX Composite Index gained 0.5% to trade near 36,000 on Tuesday, as lower oil prices offered some relief to credit-sensitive stocks. Crude prices declined after US President Trump announced that the US would end its financial support for Israel by year-end, while Iranian officials signaled openness to diplomacy. Banks, which had been under pressure from inflation concerns stemming from the oil rally, rose. RBC, BMO and National Bank each rose about 1%, while TD Bank added 0.5%.
Miners gained despite subdued gold prices, with Agnico Eagle, Barrick and WPM rising around 3% each, while Franco-Nevada advanced 2%. Elsewhere, Topaz Energy fell 4% despite reporting better-than-expected adjusted third-quarter profit. Toromont slipped 0.2% despite beating quarterly revenue estimates. Meanwhile, Fairfax Financial’s (-0.4%) proposed takeover of IDBI Bank is facing opposition from employees and political parties over the lender’s valuation and the Indian government’s stake-sale process.