By Ketki Saxena
Investing.com -- Canada's main stock Index, the S&P/TSX Composite, tracked Wall Street higher as easing US inflation sparking optimism that interest rate increases by the Federal Reserve may be nearing their end as inflation comes under control.
The TSX was most boosted by rate sensitive tech stocks, while materials reflected a rise in metals.
The commodity heavy TSX was also supported by crude prices, which despite a dip remained on track to close for a fifth straight week of gains as investors anticipate the end of rate hikes by the Fed and the European central bank, supporting economic growth and demand for the commodity.
Toronto Stock Market News
TC Energy (TSX:TRP) experienced a drop in shares following an announcement about plans to divest from its liquids business to concentrate solely on natural gas transportation.
Canfor (TSX:CFP) Corp. reported losses amounting to $43.9 million during Q2 2023 compared with a $373.8 million profit during the second quarter last year. Sales totalled $1.45 billion, down from $2.17 billion a year earlier.
Imperial Oil (TSX:IMO) Ltd.'s second-quarter report showed earnings had dipped significantly from last year - marking $675 million down from prior year’s impressive figure of 2.$41 billion. Total revene also slumped, at 11.$82 billion against the previous year’s 17.$31billion.
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In Canadian Economics
Data showed Canada's economy grew 0.3% in May and likely contracted in June. IN may services-producing industries advanced 0.5% while goods-producing industries contracted 0.3%.
Meanwhile, the federal government posted a budgetary surplus of $1.5 billion in April and May, compared to a surplus of $5.3 billion during the same period in the previous fiscal year.