By Ketki Saxena
Investing.com -- The Toronto Stock Exchange's S&P/TSX composite traded on a positive note this afternoon, driven by gains in banking and industrial sectors and supported by a preliminary agreement reached over the weekend to raise the debt ceiling in Washington. Negotiators completed a budget deal that will suspend the $31.4 trillion debt ceiling until January 1st, 2025. The resolution is now set to advance to Congress for voting.
Trading volumes remained relatively low due however as US Markets remained closed for the memorial day weekend.
The Biggest Stories on Bay Street
Fire & Flower Holdings Corp faced a significant drop of nearly forty percent following ATB Capital Markets adopting a bearish stance towards them.
Onex Corp's shares rose after WestJet Airlines - owned by the group - reached a tentative agreement with their pilot union on pay raises and benefits over four years.
AltaGas Ltd saw its shares as the debt ceiling deal seems likely to include US federal approval in the United States for the Alta Gas co-owned Mountain Valley natural gas pipeline project.
Canadian Stocks Moving Markets Today
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In Canadian Economics
As per the Q2 Canadian Survey of Business Expectations, businesses continued to expect rising inflation, rising costs, hiring and retention, as well as supply chain issues -although supply chain snarls have been easing since the previous quarter.