By Ketki Saxena
Investing.com -- Toronto's main stock index, the S&P/TSX Composite index rallied today fueled by robust gains in energy and materials stocks, as commodity prices rose following last week's cooling US PCE data sparked optimism about a possible halt to the US Federal Reserve's policy tightening cycle.
The commodity-heavy TSX was supported by crude prices, with the oil market poised for its most substantial monthly increase in over a year, propelled by speculations of Saudi Arabia prolonging voluntary output reductions into September. This move is expected to constrict worldwide supply significantly.
Metals meanwhile were boosted by anticipated further stimulus measures for China, helping copper prices reach their highest level in over a month.
Toronto Stock Market News
Pan American (TSX:PAAS) Silver announced plans to offload its 56% stake in Argentina's Minera Agua Rica Alumbrera copper project to Swiss commodities behemoth Glencore (LON:GLEN) for C$475 million.
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In Canadians Economics
Dock workers on Canada's West Coast have reportedly reached a settlement agreement with their employers' association late Sunday night, a development confirmed by both parties via a joint statement.