By Ketki Saxena
Investing.com -- At midday in Toronto, the S&P/TSX Composite index was at 19,050.17 points, up +1.78% in the day’s trading. The Canadian index rebounded from the week’s heavy sell-offs supported by a strengthening in crude, but remained set for a weekly loss as worries of a rate-hike-driven recession continue to dominate markets.
Federal Reserve Chairman in Senate Testimony this week reiterated his "unconditional" commitment to tackle inflation, while in Canada, robust jobs data continued to indicate resilience in the domestic economy, further raising bets for a 75 basis point hike from the Bank of Canada
All TSX sectors were in the green at midday, with the commodity heavy index most supported by gains in energy (+3.38%) and materials (+2.27%). However, both heavyweight sectors are down over 6% so far this week, as the growing likelihood of a recession keeps commodities under pressure.
Dip buying in heavy-sold growth sectors, including sizably weighted tech (+2.67%) and healthcare (+6.02%) also helped lift the TSX today.
Bausch Health (TSX:BHC) (+16.31%), First Quantum Minerals (TSX:FM) (+11.07%), Aurora Cannabis (TSX:ACB) (+10.27%), NexGen Energy Ltd. (TSX:NXE)(+9.23%), and Cannacord Genuity (+8.82%) were amongst the top gainers so far today.
Stella Jones (TSX:SJ) (-1.97%) was the only stock with losses above 1% on the TSX today.