By Ketki Saxena
Investing.com -- Toronto stocks edged higher in a day of choppy trading, with rate-sensitive tech stocks dropping after stronger-than-expected U.S. producer price data caused investors to fret over sticky inflation in the world's largest economy.
Data showed U.S. PPI increased 0.2% in June. On an annual basis, PPI increased 0.8% through June.
However, energy and metal stocks helped boost the commodity-heavy S&P/TSX Composite index, keeping it on track for a weekly gain after two consecutive weekly declines
The energy sector rose as oil prices firmed and were on track for their longest weekly gaining streak since early 2022, after the (IEA). warned that global inventories could fall sharply over the rest of 2023.
Materials meanwhile tracked gold prices higher.
Toronto Stock Market News
Air Canada (TSX:AC) posted a net profit of C$838 million or C$2.34 per share, for the quarter ended June 30, compared with a net loss of C$386 million, or C$1.60 per share, a year earlier. Operating revenues in the three-month period up until the end of June touched C$5.43 billion, up from C$3.98 billion in the same period a year ago.
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