TSX Rises as Oil Dip Eases Inflation Worries
The S&P/TSX Composite Index rose nearly 1% to move above 36,000 on Monday as a dip in oil prices tempered inflation worries. Crude fell on hopes for US-Iran diplomatic efforts, and lower oil prices somewhat eased inflation concerns, with Canadian yields edging lower. Credit-sensitive sectors such as banks, pressured by inflation and higher interest rates, enjoyed respite: BMO, Scotiabank and CIBC each rose nearly 1%. Meanwhile, gold prices rose, supporting miners. Barrick (+5%) posted higher third-quarter profit as higher gold prices outweighed lower production. Franco-Nevada (+3%) is scheduled to report earnings on Wednesday. Elsewhere, Strathcona Resources (-0.5%) said on Sunday it would acquire Greenfire Resources (+38%) in a deal valued at about C$2.7 billion to C$2.9 billion, including debt. Power of Canada (+0.5%) is also due to report Q3 results on Wednesday.
The S&P/TSX Composite Index rose nearly 1% to move above 36,000 on Monday as a dip in oil prices tempered inflation worries. Crude fell on hopes for US-Iran diplomatic efforts, and lower oil prices somewhat eased inflation concerns, with Canadian yields edging lower. Credit-sensitive sectors such as banks, pressured by inflation and higher interest rates, enjoyed respite: BMO, Scotiabank and CIBC each rose nearly 1%. Meanwhile, gold prices rose, supporting miners.
Barrick (+5%) posted higher third-quarter profit as higher gold prices outweighed lower production. Franco-Nevada (+3%) is scheduled to report earnings on Wednesday. Elsewhere, Strathcona Resources (-0.5%) said on Sunday it would acquire Greenfire Resources (+38%) in a deal valued at about C$2.7 billion to C$2.9 billion, including debt. Power of Canada (+0.5%) is also due to report Q3 results on Wednesday.