By Ketki Saxena
invsting.com -- After a long weekend, the TSX traded higher in a day of light trading as US markets remained closed for the July Fourth Holiday. The gains on the commodity heavy Canadian index was driven largely by energy and materials stocks.
The energy sector rose in response to increasing crude prices, as markets considered further supply cuts for August proposed by leading exporters Saudi Arabia and Russia. The material sector also reported gains as gold prices rose, with miners also getting a boost from China's decision to limit exports of certain metals critical to semiconductors and electric vehicles production.
The Biggest Storie on Bay Street
Rogers Communications Inc (TSX:RCIa) has announced the launch of a voluntary departure program aimed at eliminating role overlaps resulting from their merger with Shaw. CEO Tony Staffieri revealed this plan via memo on Tuesday, stating that eligible employees could apply for a voluntary package through this program.
Canadian Stocks Moving Markets Today
Top Gainers:
Top Losers:
In Canadian Economics
Canada's manufacturing sector contracted once again during June. The S&P Global (NYSE:SPGI) Canada Manufacturing Purchasing Managers’ Index (PMI) showed a minor dip from May's 49.0 reading down to 48.8 in June; any score below 50 signifies contraction within the industry.
A report from Statistics Canada shows a widening income disparity among Canadian households during Q1-2023; specifically between top-tier earners (top 40%)and bottom-tier earners (bottom 40%). The reading rose to 44.7% - up slightly(0..2%) since last year but still higher than pre-pandemic levels.
Meanwhile, the strike at British Columbia ports entered its fourth day due following stalled negotiations on Monday. The strike invoves more than seven thousand workers responsible for loading/unloading cargo across thirty-plus B.C ports