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TSX Rebounds from Yesterday's 400+ Point Loss; Alberta Debates Leaving CPP

AuthorKetki Saxena Stock Markets

Published Sep 22, 2023 13:35

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TSX Rebounds from Yesterday's 400+ Point Loss; Alberta Debates Leaving CPP

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By Ketki Saxena

Investing.com -- Canada’s main stock, the S&P/TSX Composite index edged higher today, supported by a rebound in commodities that helped the TSX rebound from an over 400 point loss yesterday - its biggest single-day decline in over a year.

Firming metal prices and gains in crude, driven by Russia’s fuel export ban, helped boost the commodity-heavy Canadian index.

Wall Street indices meanwhile rebounded after the US Federal Reserve's "hawkish hold", as markets come to terms with the higher for longer messaging.

Canadian Stock Market News

West Fraser Timber (TSX:WFG) Co. Ltd. has announced that it will sell two pulp mills in Western Canada to Atlas Holdings for US$120 million. The sale is subject to customary regulatory reviews and closing conditions.

Stelco (TSX:STLC) Holdings Inc., Canada’s biggest steelmaker, is reportedly pursuing a bid for United States Steel Corp, according to people familiar with the matter. Stelco is looking to purchase the entire company. However, no decision has been finalized and Stelco could decide to not make a bid.

For earnings, view our earnings calendar.

Canadian Stocks Moving Markets Today

Top Gainers on the TSX Today:

Energy Fuels Inc (TSX:EFR)
Denison Mines (TSX:DML)
Cameco (TSX:CCO)

Top Losers on the TSX Today:

Alamos Gold (TSX:AGI)
Bausch Health (TSX:BHC)
Premium Brands (TSX:PBH)

For all Canadian Stocks Moving Markets today, view our Canada Markets Page.

In Canadian Economics

Alberta has begun a provincewide consultation on whether it should quit the Canada Pension Plan in 2027. A third party reported yesterday estimated that Alberta should get $334 billion, or 53% of the program should it leave.

Preliminary data from Statistics Canada showed a 0.3% decrease in retail sales for August, marking the first drop since March, and after a 0.3% rise in July. In volume terms, retail sales edged down 0.2% in July.

For all Canadian economic releases, view our economic calendar.

All currencies CAD, unless stated otherwise.

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