By Ketki Saxena
Investing.com – At 11:50 a.m. in Toronto, the S&P/TSX Composite Index was at 21,960.78 points, up 82.37 points or 0.38% in the day’s trading.
Canada’s benchmark index was well in the green today, despite rising treasury yields, and a slump in materials and Energy, towards which the index is heavily weighted. Energy (-1.70%) followed crude oil prices lower on demand concerns as the IMF cut its global growth forecast by a full percentage point and warned of inflationary concerns. Materials (-1.47%) tracked the price of gold as the metal retreated from one month highs.
However, these were the only two TSX sub-indexes in the red on the TSX as of midday.
Despite a continued rise in treasury yields reflective of aggressive rate hikes anticipated by the Fed, Canadian and U.S. equities were buoyed by strong earnings reports and major earnings expected this week.
Consumer Discretionary (2.28%) and healthcare in particular were supported by strong earnings from U.S. companies. Tech (2.48%) Clean Tech (+1.96%), growth sectors that are typically affected by yields, were also in the green. Financials, a typical beneficiary of rising interest rates, gained 0.82%. Real Estate (+1.45%), REITs (1.29%), Consumer Staples (+1.44%), Utilities (+0.57%) were also in the green, while Telecom was flat (0.0%).
Lithium Americas Corp (TSX:LAC) (+6.01%), Ballard Power Systems Inc (TSX:BLDP) (+5.12%), Martinrea International Inc . (TSX:MRE) (+4.71%), Canada Goose (TSX:GOOS) (+4.43%), and Shopify Inc (TSX:SHOP) (+4.08%) were amongst the biggest gainers on the TSX so far today.
The biggest losers as of midday included Denison Mines (TSX:DML) (-5.58%), First Majestic Silver Corp (TSX:FR) (-5.13%0, Endeavour Silver (TSX:EDR) (-4.75%), Vermilion Energy (TSX:VET) (-4.26%), and Advantage Oil & Gas Ltd. (TSX:AAV) (-4.22%).