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TSX Midday Stock Market Movers, Wednesday May 25

Stock Markets May 25, 2022 12:35
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© Reuters.

By Ketki Saxena 

Investing.com – At 12:30 p.m in Toronto, the S&P/TSX Composite index was at 20,310.99 points, or up +0.12% in the day’s trading as equities rebounded ahead of meeting minutes from the Federal Reserve.

The minutes from the U.S. central bank’s May 3-4 policy meeting are due at 2:00 p.m ET and should provide insights into how aggressively the Fed plans to tighten monetary policy this year. 

Canada’s commodity heavy index was supported by the energy subindex (+1.49%), tracking the price of crude higher. Crude oil prices rose again today following tight inventory data from the U.S. ahead of the Memorial Day weekend and summer driving season that will see rising consumer demand. 

Heavyweight financials (+0.35%) also helped buoy the index, after better than expected earnings calls and dividend hikes from the Bank of Nova Scotia (TSX:BNS) and Bank of Montreal (TSX:BMO). BNS reported adjusted earnings per share of $2.18, comfortably surpassing analyst estimates of $1.98. BNS also raised its dividend by 3 cents per share to $1.03. BMO beat posted earnings of $3.23 per share, in line with analyst estimates, and raised its quarterly dividend by 6 cents per share to $1.39.

Further gains on the index were capped by losses in materials (-1.08%) following weakness in gold, and declines in industrial metals as China now appears to be keeping covid quarantine rules in place for the moment, with Beijing imposing new restrictions, while Shanghai remaining in lockdown at least until the end of the month. 

Energy stocks were the biggest gainers on the TSX today, including Whitecap Resources (TSX:WCP) (+6.35%), Vermilion Energy Inc . (TSX:VET) (6.27%), Parex Resources (TSX:PXT) (+5.30%), andBirchcliff Energy Ltd. (TSX:BIR) (+5.11%). Industrial stock Canfor (TSX:CFP) Corporation (5.01%) was also a top gainer today. 

Canadian miners, meanwhile, were amongst the biggest losers on the TSX so far today, including Endeavour Silver (TSX:EDR) (-3.43%), New Gold Inc (TSX:NGD)(-​​3.41%), NovaGold Resources Inc (TSX:NG) (-3.22%), Osisko (TSX:OSK) Gold (-2.96%), and SSR Mining (NASDAQ:SSRM) (-2.81%),

TSX Midday Stock Market Movers, Wednesday May 25
 

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