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TSX higher by late afternoon trade on commodities boost

Published 2024-01-30, 03:00 p/m
Updated 2024-01-30, 03:00 p/m
© Reuters. —

Canada’s main stock index, the S&P/TSX Composite, traded in the green by late afternoon, with the commodity heavy Canadian index supported by gains in metal and crude prices. Wall Street’s main indices meanwhile were mixed, with investor sentiment cautious ahead of Big Tech earnings and tomorrow’s Federal Reserve rate decision.

The focus will now be on results from Microsoft (NASDAQ:MSFT) and Alphabet (NASDAQ:GOOGL) scheduled after the close today, and Apple (NASDAQ:AAPL), Amazon (NASDAQ:AMZN) and Meta Platforms Inc (NASDAQ:META) on deck for tomorrow.

Canadian investors will also be awaiting tomorrow’s domestic GDP data.

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Toronto Stock Market News

Celestica (TSX:CLS) shares climbed after fourth-quarter results that beat analysts’ estimates, and a better than expected outlook as the manufacturer of electronic components benefits from AI fervor..

Metro (TSX:MRU) reported a first-quarter profit miss, but sales up 6.5% to nearly $5 billion. CEO Eric La Flèche also warned consumers to expect price increases in grocery stores starting next week, after the end of an industry-wide blackout period on supplier price increases.

Pipeline operator Enbridge (TSX:ENB) announced it will cut its workforce by 650 jobs, beginning in February, as it seeks “"Cost reduction measures [that] are necessary to maintain our financial strength, be more cost-competitive and enable us to grow”.

For earnings, view our earnings calendar.

Toronto Stocks Moving Markets Today

Top Gainers on the TSX Today:

  • New Gold Inc (TSX:NGD)
  • Filo Mining (TSX:FIL)
  • NexGen Energy (TSX:NXE)

Top Losers on the TSX Today:

  • NovaGold (TSX:NG)
  • Ballard (TSX:BLDP)
  • Lithium Americas (TSX:LAAC)

For all Canadian Stocks Moving Markets today, view our Canada Markets Page.

In Canadian Economics

No Major Canadian economic data.

For all Canadian economic releases, view our economic calendar.

All currencies Canadian Dollar unless noted otherwise.

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