By Ketki Saxena
Invesitng.com – At 1:30 p.m in Toronto, the S&P/TSX was at 18,925.40 points, up +1.77% in the day’s trading tracking U.S. equities higher as megacaps including Apple (NASDAQ:AAPL), Tesla (NASDAQ:TSLA), Microsoft (NASDAQ:MSFT), Meta, and Amazon (NASDAQ:AMZN) boosted North American indices following yesterday’s heavy sell-offs.
The commodity-heavy Canadian index was also supported by a rebound in crude, as concerns of tight supply overshadowed worries of demand destruction as rate-hike bets pared back.
Crude, amongst other commodities, is also being supported by a quickly-retreating dollar as markets see a relative return of risk-sentiment and an upbeat mood in equities as earnings season rolls on.
The Canadian index was also supported by modest gains in gold, also lifted by a retreating dollar and receding rate hike bets.
All TSX sectors were in the green at midday, with lumber companies amongst the top performers following news that CVC Capital and wood panel manufacturer Kronospan have submitted a joint expression of interest to acquire Canada’s West Fraser Timber (TSX:WFG).
West Fraser Timber (+18.51%) was the top performing stock on the TSX today, followed by Interfor Corp (TSX:IFP) (+10.93%), and Canfor (TSX:CFP) Corp (+9.27%). Bombardier (TSX:BBDb) (+9.14%) and Denison Mines (TSX:DML) (+8.33%) were also amongst today’s top gainers.
Capstone Mining (-3.08%), Franco Nevada Corp (-2.95%), and Telus (TSX:T) (-1.66%) were the only stocks with a loss greater than 1% on the TSX so far today.