By Ketki Saxena
Investing.com -- At 12:25 p.m in Toronto, the S&P/TSX Composite Index was at 19,671.43 points, up 1.08% in the day’s trading, tracking U.S. equities higher on expectations for slowing rate hikes from the Federal Reserve and strong earnings that boosted investor sentiment.
The Canadian index was also supported by commodity prices, supported by a weakening dollar and rate-hike bets pared back. Commodity prices remain firm despite recession bets having been largely priced into the market, with yesterday’s early estimates of a U.S. GDP contraction coming as little surprise.
Crude also gained further support from the likelihood that OPEC+ will not be able to boost supply as producers remain close to max production. Traders will now be watching for the bloc’s meeting next week.
Resource companies were the biggest gainers on the TSX at midday, including Capstone Mining (+9.3%), First Quantum Minerals (TSX:FM) (+8.40%), Ivanhoe Mines (TSX:IVN) (+8.22%), Athabasca Oil (+5.90%), and Teck Resources (TSX:TECKa) (+5.55%).
Today’s biggest losers included Aecon Group (-10.83%), OceanaGold (TSX:OGC) (-7.88%), Denison Mines (TSX:DML) (-4.75%), Shopify (TSX:SHOP) (-4.36%), and Tilray (TSX:TLRY) (-3.85%).