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TSX Midday Stock Market Movers, Tuesday May 17

Published 2022-05-17, 12:40 p/m
Updated 2022-05-17, 12:42 p/m
© Reuters.

© Reuters.

By Ketki Saxena 

Investing.com -- At 12:30 p.m in Toronto, the S&P/TSX Composite Index was at 20,469.70 points, up +1.30% in the day’s trading. 

All TSX sectors barring consumer staples were in the green as of midday, as optimism returns to equity markets with China seeming set to lift Covid-19 restrictions, and strong U.S. retail sales mitigating somewhat mitigating concerns of a slowdown.

Commodities, towards which the index is weighted, led gains on the TSX today. The Energy subindex was up 2.05%, tracking crude prices, as demand concerns around China ease, and the EU continues to push for a ban on Russian oil. The bloc is currently being held back by Hungary’s veto, however, the ban seems likely to be agreed upon at a May 30-31 summit. 

Materials (2.16%) also helped lift the TSX, with industrial metals expected to see demand rebound as China lifts lockdowns. 

Heavyweight financials(1.39%) also helped the TSX gain today, tracking U.S. banks after Warren Buffett's Berkshire Hathaway (NYSE:BRKa) disclosed a nearly $3 billion investment in Citigroup (NYSE:C).

Resources stocks were amongst the biggest gainers on the TSX today, including Energy Fuels Inc (TSX:EFR) (+8.28%), First Quantum Minerals (TSX:FM) (+6.88%), Birchcliff Energy Ltd . (TSX:BIR) (+5.71%), and Denison Mines (TSX:DML) (+5.67%). Software company Docebo (+7.51%) was also a top gainer. 

The biggest losers on the TSX today includedIAMGold Corporation (TSX:IMG)(-1.61%), Alimentation Couchen Tard (TSX:ATD)(-1.53%), Metro (TSX:MRU) Inc (-1.45%), Canadian Apartment Properties REIT (TSX:CAR_u) (-1.20%), and Shopify (TSX:SHOP) (-0.83%)

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