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TSX Positive As Inflation Eases, Energy Stocks Rebound

Stock Markets Aug 16, 2022 11:10
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By Ketki Saxena 

Investing.com – At 11:05 a.m in Toronto, the S&P/TSX Composite Index was at 20,204.69 points, up 0.12% in the day’s trading. 

After eking out a gain yesterday despite heavy losses in commodities, the S&P/TSX composite index opened positive this morning as investors bought the dip in energy stocks, and as an easing domestic CPI reading helped moderate rate-hike expectations from the Bank of Canada. 

Although an outsized rate hike remains on the cards for September, it is unlikely to be a repeat of the BoC’s all-in 100 bps move in July. 

Market sentiment was also supported by today’s release of the BofA’s new global fund manager survey, which shows an improvement from an “apocalyptically bearish” mood in July. 

However, recession expectations remain at the highest level since May 2020 and continued to keep markets on edge, pressuring the Nasdaq and S&P500, while stronger than expected retail earnings helped lift the Dow.

Canadian Stocks Moving Markets This Morning

Top gainers: 

  • Arc Resources (+2.46%)
  • NFI Group (TSX:NFI) (+2.46%) 
  • Precision drilling (+2.28%)

Top losers: 

  • Exchange Income (-6.90%)
  • Aurora Cannabis (TSX:ACB) (-5.56%) 
  • Dye and Durham (TSX:DND) (-5.33%)

Today’s TSX Analyst Upgrades and Downgrades 

  • Bank of Montreal (TSX:BMO): CIBC (TSX:CM) raises target price to C$143 from C$142, citing higher commercial loan growth assumptions.
  • National Bank of Canada (TSX:NA): CIBC raises target price to C$104 from C$102, expecting the bank’s more defensive positioning to benefit it in an economic slowdown.
  • Toronto-Dominion Bank (TSX:TD): CIBC cuts target price to C$97 from C$100, anticipating an economic slowdown in 2023.
  • Dexterra Group Inc: National Bank of Canada cuts target price to C$10 from C$12, following the company’s Q2 results.
  • Dollarama Inc: TD Securities raises target price to C$86 from C$82, saying the company is expected to raise annual guidance following its upcoming Q2 results.

In Canadian Economics 

Canada's inflation rate fell to 7.6 percent in July, according to a report from Statistics Canada, easing down from June’s 39-year high of  8.1 percent, and marking the first monthly decrease for the first time in 12 months.  The decrease was largely driven by a moderation in gasoline prices. 

TSX Positive As Inflation Eases, Energy Stocks Rebound
 

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