By Ketki Saxena
Investing.com -- Canada's main stock index, the S&P/TSX Composite index was set to snap a four day losing streak, tracking Wall Street higher on Tesla (NASDAQ:TSLA) optimism and risk-on sentiment ahead of the all important US CPI release later this week.
The commodity heavy Canadian index was also supported by metal prices, supported by an improved demand forecast from China. Crude prices, which continued to hold near 10 month highs on the news of the OPEC+ extension to its output cuts, also supported the TSX.
The real estate sector index also helped support the Toronto index on reports that Canada's Housing Minister Sean Fraser is considering various options to mitigate the Canadian housing crisis.
Toronto Stock Market News
First Quantum Minerals (TSX:FM) announced it had reached a wage deal with union leaders in Panama, just in time to avoid a strike at its Cobre Panama Mine, which accounts for roughly 1.5% of global copper production.
Rogers Communication will need to grant all wireless carriers access to its network on the TTC Toronto subway network by October 3rd, as per a directive by Industry Minister François-Philippe Champagne.
Crescent Point Energy Corp (TSX:CPG). announced that it plans to spend between $1.05 billion to $1.15 billion on development capital expenditures next year. 70% of this 2024 budget is earmarked towards Kaybob Duvernay and Alberta Montney operations.
Brookfield Asset Management (TSX:BN) Ltd. and Societe Generale (EPA:SOGN) SA announced a plan to plan to raise up to 10 billion euros (US$10.7 billion) for a private debt fund. The initial fund is expected to have 2.5 billion euros of seed financing to start with, and will target 10 billion euros over the next four years.
BlackBerry (TSX:BB) shares rose after it announced an 'intrinsically safe' certified solution for hazardous materials carriers which comes at a time of increased U.S. regulatory scrutiny following several numerous, much publicized safety incidents.
Telesat announced that it has signed an agreement with SpaceX to launch 18 of its low-Earth-orbit satellites, starting in 2026.
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