By Ketki Saxena
Investing.com -- At 1:05 p.m in Toronto, the S&P/TSX Composite Index was at 19,227.86 points, up +0.87% in the day’s trading, tracking U.S. equities higher as investors reprice the path of Fed Tightening following data last week that included a slowdown in the U.S. economy.
The Canadian index was most supported by gains in energy (+3.71%). Following losses in the last two weeks, crude gained support as a further round of restrictions is expected to be announced at a meeting of leaders of the Group of Seven (G7) nations in Germany, beginning today.
Volatility in crude is also being tempered by yet another delay in the U.S. oil inventory report due to hardware failures at the Energy Information Administration’s processing systems.
The commodity-heavy Canadian index was also supported by strength in materials (+1.42%), buoyed by a rebound in copper as the key industrial metal and a bell-weather of economic sentiment eased from last week’s 16-month low.
Resource stocks were across-the-board the biggest gainers on the TSX so far today, topped by Vermilion Energy (TSX:VET) (+9.33%), following an upgrade from Scotiabank (TSX:BNS).
Capstone Mining (+7.71%), Ivanhoe Mines (TSX:IVN) (+7.14%), Advantage Oil and Gas (+6.19%), and Hudbay Minerals (+6.19%) were also today’s top gainers.
Bombardier (TSX:BBDb) (+6.95%), SSR Mining (NASDAQ:SSRM) (-6.66%), Descartes Systems (-5.00%), Brookfield Business (TSX:BBUC) (-4.62%), and Shopify (TSX:SHOP) (-4.03%) were the biggest losers so far today.