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At Close: Today on the TSX

Stock Markets May 17, 2022 16:20
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© Reuters

By Ketki Saxena 

Investing.com – At the close in Toronto, the S&P/TSX Composite Index was at 20,491.01 points, up 1.4% in the day’s trading. Equities rebounded after strong U.S. retail sales eased concerns of slowing economic growth. China is also expected to begin easing restrictions following several consecutive days of no covid cases being detected in key quarantine zones. 

Canada’s commodity heavy index was also supported by the price of metals, which rebounded on expectations that China will begin to lift lockdowns. Crude, meanwhile, retraced gains from earlier in the day to trade down 2.71% at $109.27/ a barrel as supply from Venezuela seems poised to make up part of the shortfall expected from the EU ban on Russian oil. The Canadian energy however remains supported, with Canadian producers also expected to capitalize on the ban.

All TSX sectors barring consumer staples were in the green at the close of trade. 

Manulife (TSX:MFC) (+2.40%), Enbridge (TSX:ENB) (+0.52%), and Suncor (TSX:SU) (+1.95%) were amongst the most traded stocks on the TSX today. 

The biggest gainers on the TSX today included Dye and Durham (TSX:DND), up 22.4%, marking another day of gains following earnings last week, and the company’s continued confidence in its planned acquisition of Australia based Link Group, despite concerns around regulatory approvals. Energy Fuels Inc (+9.59%) and Docebo (+8.58%) were also amongst the biggest gainers on the TSX today, while IAMGold Corporation (TSX:IMG) (- 3.21%), Alimentation Couchen Tard (TSX:ATD) (-1.80%), and Metro (TSX:MRU) (-1.59%) were amongst the biggest losers. 

In New York, the DJIA was up 1.34%, the S&P 500 was up 2.02%, and the Nasdaq was 2.76% higher at the close, with mega cap tech stocks most benefiting from dip-buying. 

In Bonds and Currencies 

Yields rose again today, as Fed Chairman Jerome Powell reaffirmed the bank’s commitment too tackle inflation forcefully, and ahead of Canadian inflation data expected tomorrow, which will guide the Bank of Canada’s path. 

Yields on the Canada 5-Yearwere at 2.888%, and yields on the Canada 10-Year at 3.043%. Yields on the benchmark United States 10-Year were at 2.886%. 

The USD/CAD pair was down 0.18% at 1.2820 as demand for the safe-haven greenback retreated as risk-sentiment returned to the market. 

At Close: Today on the TSX
 

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