By Ketki Saxena
Investing.com – At 12:00, the S&P/TSX Composite Index was at 21,919.4 points, up 29.31 points or 0.13% so far today.
The commodity heavy index continues to be supported by the heavyweight energy and metals-focused materials sector.
The materials subindex was 1.28% higher, despite today’s selloff in metals, including gold, driven by spiking bond yields and a strengthening dollar. However, the prospect for Canadian mining companies remains bullish on disruption of commodities from Russia, and Russian President Vladimir Putin’s announcement that all Russian commodities could now be priced in the Ruble.
The unlikelihood of a speedy resolution to the conflict - particularly after Putin reneged on his promise to cease hostilities earlier this week, appears to be beneficial for miners in Canada. Canada is the 5th largest producer of gold globally, and a key producer of critical materials required for advanced technologies including cobalt, graphite and nickel.
The materials subindex also includes and is being supported by companies in fertilizer, the price of which has been spiking.
The Canadian energy subindex was up 1.87%, despite the relative decline in oil prices as the U.S. goes ahead with its largest ever release of crude reserves, Canadian energy continues to be supported by the prolonged uncertainty around supplies from Russia and recent indications from the federal government to amp up production.
Sectors in the green as of midday included Health Care, Utilities, Telecom, Tech, Real Estate, and REITs, while Consumer Discretionary, Consumer Staples, Industrials, CleanTech and heavyweight Financials were in the red.
The biggest gainers on the TSX as of midday included Peyto Exploration&Development Corp (TSX:PEY) (+6.31%), Secure Energy Services Inc . (TSX:SES) (+5.24%), Ero Copper (TSX:ERO) (+4.97%), Teck Resources (TSX:TECKa) (+4.34%) and NuVista Energy Ltd . (TSX:NVA)y (+4.26%).
BlackBerry (TSX:BB) was the biggest loser on the TSX today, declining 11.33% after missing estimates on revenue, and growth for its key cybersecurity vertical remained flat. TFI International Inc (TSX:TFII)(-6.45%), Aritzia Inc (TSX:ATZ) (-5.26%), West Fraser Timber Co Ltd (TSX:WFG) (-4.67%) and Canfor Corporation (TSX:CFP) (-4.27%) were also amongst the biggest losers on the TSX as of midday.