By Ketki Saxena
Investing.com-- At noon in Toronto, the TSX was at 21,861.52 points, up 23.50 points, or up 0.11% in the day’s trading.
The energy subindex (0.16%) was slightly higher, despite the slight decline and low volumes in crude ahead of the North American public holiday. Despite reserve releases by the EIA, the U.S., and a proposed output increase by Libya, crude continues to be supported by escalating supply concerns amid a fast-deteriorating situation in Ukraine.
Industrials (+0.34%), which typically rally when economic growth is peaking, were buoyed by yesterday’s Bank of Canada rate hike, robust economic data, and GDP forecasts. ·Canadian stocks in the sector also tracked U.S. industrials higher.
Financials were 0.48% higher, supported by the Bank of Canada’s rate hike, and following American banks, including Morgan Stanley (NYSE:MS), Goldman Sachs (NYSE:GS), and Citigroup (NYSE:C), which were higher today despite mixed earnings reports.
Telecom (0.58%) was the only other TSX sub index in the green today, led higher by Cogeco (TSX:CGO) following a 7.8% increase in Q2 profits announced yesterday.
Consumer Discretionary (-0.37%), Consumer Staples (-0.30%), Health Care (-1.64%), Materials (-0.08%), Utilities (-0.15%), Info Tech (-1.16%), Clean Tech (-1.05%), REIT (-0.01%), were in the red as of midday today, while Real Estate was flat.
Baytex Energy (TSX:BTE) (+7.29%), Cogeco Inc. (TSX:CGO) (+3.55%), Brookfield Business Corp (TSX:BBUC)(+2.60%), and Seabridge Gold Inc. (TSX:SEA) (+2.41%) were amongst the biggest gainers, while Hut 8 Mining Corp (TSX:HUT)(-4.78%), North West Company Inc (TSX:NWC) (-4.46%), Lithium Americas Corp (TSX:LAC)(-3.82%), Tilray (TSX:TLRY) (-3.61%), and Canopy Growth (TSX:WEED) (-3.25%) were amongst the biggest losers on the TSX as of midday today.