By Ketki Saxena
Investing.com -- A 1:15 p.m in Toronto, the S&P/TSX Composite Index was at 19,058.06 points, up 1.75% at midday in the day’s trading, tracking gains in U.S. benchmarks and supported by commodities
All TSX sub indexes were in the green at midday, as the Canadian index tracked U.S. equities higher as investors adjusted rate-hike bets - which analysts note may have been overpriced into markets - ahead of U.S. jobs data due tomorrow. Canadian employment data is also due tomorrow, and will be watched by investors for indications of the Bank of Canada’s next move next week.
The Canadian index was most lifted by energy (+4.58%) following today’s gains in crude after heavy losses in the last two sessions, as supply concerns swing to outweigh worries of recession-driven demand destruction.
In the context of the various embargoes on Russian oil, and low production from OPEC, supply is set to further tighten due to disruptions at the Caspian Pipeline Consortium,, which a Russian court has ordered to suspend activity for 30 days. The behemoth pipeline handles about 1% of total global oil supplies, and for the moment, seems to still be operating.
Supply is also being squeezed by new U.S. sanctions on Iran for its attempts to revive the 2015 nuclear deal and begin exports, and high U.S. consumer demand.
The commodity heavy Canadian index was also supported by materials (+2.41%) following broad based gains in metals, particularly copper as news of possible stimulus measures in China helped the industrial metal rebound from yesterday’s 20 month low. Gold was also trading on a moderately positive note at midday, paring losses from yesterday’s 10 month lows.
Sizably weighted tech (+2.42%) also helped buoy the TSX today as investors bought the dip in the heavily sold sector.
The biggest gainers on the TSX so far today included Crescent Point Energy (TSX:CPG) (+13.91%), Vermilion Energy (TSX:VET) (+12.78%), Advantage Oils (+11.78%), NuVista Energy (TSX:NVA) (+10.41%) and Meg Energy (+10.46%).
Today’s top losers included New Gold (-2.07%), Brookfield Business (TSX:BBUC) (-1.86%), Ritchie Bros Auctioneers (-1.38%), Quebecor B (-1.30%), and Fortis (TSX:FTS) Inc (-0.88%).