By Ketki Saxena
Investing.com -- The TSX traded on a moderately positive note by afternoon trading, tracking Wall Street higher on higher-than-expected US retail sales, optimism following a rate-hold from the US Federal Reserve yesterday - despite the Cenbank's hawkish signaling.
The commodity-heavy Canadian index was also supported by gains in crude after data showed an increase in Chinese refinery runs.
The Biggest Stories on Bay Street
- Barrick Gold (NYSE:GOLD) reportedly put in an informal offer to take over First Quantum Minerals (TSX:FM), but was rejected as First Quantum indicated it was not looking for a deal.
- Gibson Energy (TSX:GEI)'s share price dropped to its lowest point in over two years after it announced plans to acquire South Texas Gateway oil terminal for $1.1 billion from Buckeye Partners and associated partners.
- Guru Organic Energy Corp (TSX:GURU) shares rose after Stifel upgraded their rating on the beverage company's stock from "hold" to "buy".
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In Canadian Economics
Data from the Canadian Real Estate Association reveals that home sales increased by 5.1% in May compared to April, with an annual growth of 1.4%. The Home Price Index experienced a slight monthly increase at 2.1%, while its annual decrease was recorded at 8.6%.
Housing starts were reported as having decreased to 230,205 units in May from the previous month's figure of 240,318 units according to Canada Mortgage and Housing Corporation.
Statistics Canada highlighted an increase in manufacturing sales by 0.3% for April - a result primarily attributable to higher sales within motor vehicle parts as well as petroleum and coal product industries.