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TSX Rises as Crude Gains; Canada Raw Materials, Industrial Price Index Ease

Stock Markets Aug 18, 2022 10:57
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By Ketki Saxena 

Investing.com -- At 10:50 a.m in Toronto, the S&P/TSX Composite Index was at 20,267.28 points, up 0.43% in the day’s trading. The commodity-heavy Canadian index was supported by a continued gain in crude prices boosted by a sharp drop in U.S. crude stockpiles, implying robust demand, and the highest volume of exports on record. Crude prices are also being supported by expectations that supply from Russia will decline for the remainder of the year. 

The Canadian index was also supported by domestic economic data, including the Raw Materials and Industrial Product Price Index, which indicated easing inflation concerns and pared back rate-hike bets from the Bank of Canada. 

While another outsized bet is expected from the resolutely hawkish Canadian central bank in September, investors hope that easing inflation and growing indicators of a slowdown may help the BoC temper its forward guidance on monetary policy. 

The Big News On Bay Street Today

Enbridge (TSX:ENB) and Phillips announced a deal on Gray Oak Pipeline LLC and DCP Midstream. Phillips will acquire the public units of DCP Midstream in a deal that would value the pipeline operator at $7.2 billion deal, while Enbridge will reduce its stake in DCP from to 13.2% from 28.3%, recieving a $400 million cash payment from Phillips 66 (NYSE:PSX), and also more than doubling its stake in Grey Oak pipeline, previously operated by Phillips 66.

Toronto-Dominion Bank (TSX:TD)’s planned US$13.4-billion takeover of First Horizon Bank will be the subject of a meeting today being convened jointly by the Federal Reserve Board and the U.S. Office of the Comptroller of the Currency, The meeting comes as TD has faced renewed criticism in recent months for allegedly aggressive sales tactics in the U.S., including from Senator Elizabeth Warren who has called for the bank to be “held responsible for its abusive practices.”

Canadian Stocks Moving Markets This Morning 

Top Gainers: 

  • Athabasca Oil Corp (TSX:ATH)+5.15%) 
  • Tamarack Valley (TSX:TVE) (+5.03%) 
  • Ivanhoe Mines (TSX:IVN) (+4.22%) 

Top Losers: 

  • Canopy Growth (TSX:WEED) (-6.69%) 
  • Bausch Health (TSX:BHC) (-4.05%) 
  • Aurora Cannabis (TSX:ACB) (-4.00%) 

Today’s TSX Analyst Coverage

Ivanhoe Electric Inc (TSX:IE)JPMorgan (NYSE:JPM) initiates coverage with neutral rating, citing the company's nascent stage and limited data available. 

In Canadian Economics 

Statistics Canada announced today that the Industrial Product Price Index fell 2.1 % month over month in July and increased 11.9 % year over year. 

The Raw Materials Price index fell 7.4 % month over month in July and was 19.1 % higher compared with July 2021.


TSX Rises as Crude Gains; Canada Raw Materials, Industrial Price Index Ease
 

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