Investing.com — Canada's main stock index, the S&P/TSX Composite rose on Tuesday, even as Wall Street's main indices traded on a mixed note following a barrage of Fed hawkishness that squashed hopes of a March rate cut.
The commodity heavy Canadian index was supported by gains in energy stocks as oil prices edged higher, following a report from the U.S. Energy Department stating that crude oil production would not grow as fast as had been previously forecast.
Gains in gold and copper prices also helped boost the TSX, with copper prices supported by China’s efforts to stabilize its markets.
Toronto Stock Market News
Precision Drilling (TSX:PD) Corp reported a profit of $146.7 million for the quarter, up from a profit of $3.5 million a year earlier. Profit amounted to $9.81 per diluted share, up from 27 cents per diluted share this time last year. Revenue totalled $506.9 million, compared to $510.5 million a year earlier.
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In Canadian Economics
Bank of Canada Governor Tiff Macklem, in a speech today, noted that inflation in Canada would need more time to cool. He also warned that the biggest driver of inflation - shelter costs - could not easily be controlled through monetary policy.
"Housing affordability is a significant problem in Canada - but not one that can be fixed by raising or lowering interest rates," Macklem noted.
Data from Statistics Canada showed that the total monthly value of building permits in Canada decreased 14.0% from November to $9.2 billion in December.
The IVEY PMI reading came in at 56.5 in January from 56.3 in December. A reading above 50 indicates an expansion in activity.
For all Canadian economic releases, view our economic calendar.
All currencies Canadian Dollar unless noted otherwise.