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TSX notches highest close since April 2022

Published 2024-03-01, 02:15 p/m
Updated 2024-03-01, 04:54 p/m
© Reuters. — Canada’s main stock index, the S&P/TSX Composite closed at its highest level since April 2022, up 0.88% to 21,552.35 points.

The Canadian index received a boost from broad risk-on sentiment following positive economic data, as did the S&P 500 and Nasdaq, which both notched new record closes on Friday.

U.S. Economic Data on Friday kept alive hopes of an early(ish) rate cut from the Fed as consumer sentiment unexpectedly slipped in February, while manufacturing activity contracted further. The data adds to optimism fuelled by yesterday’s favourable PCE reading, which is the Fed’s preferred measure of inflation

Market sentiment was further buoyed by a retreat in Treasury yields and gains in chip stocks as the AI frenzy in equities continues.

Energy stocks also provided support to the commodity tilted TSX today, with crude prices more than 2% higher as markets await an OPEC+ decision on whether supply cuts will be extended.

Miners further helped boost the Canadian index as the price of gold and copper rose. Uranium stocks such as NexGen Energy were also amongst the top movers, following an announcement by the Federal Government that Canada will expedite the approval process for new nuclear projects.

The biggest gainers of the session on the S&P/TSX Composite were SNC-Lavalin Group Inc . (TSX:ATRL), which rose 11.36% or 5.21 points to trade at 51.08 at the close. New Gold Inc (TSX:NGD) added 9.64% or 0.16 points to end at 1.82 and NexGen Energy Ltd. (TSX:NXE) was up 9.51% or 0.91 points to 10.48.

Biggest losers included Parex Resources Inc (TSX:PXT), which lost 6.39% or 1.40 points to trade at 20.50 in late trade. Stella-Jones Inc. (TSX:SJ) declined 4.56% or 3.48 points to end at 72.82 and Badger Infrastructure Solutions Ltd (TSX:BDGI) shed 4.42% or 2.06 points to 44.50.

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