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TSX Rises with Energy Shares

Published 2024-06-18, 07:49 a/m
© Reuters TSX Rises with Energy Shares

Baystreet.ca - Canada's main stock index rose on Tuesday, boosted by gains in energy shares, while investors parsed through U.S. retail sales data and Federal Reserve officials' commentary.The TSX Composite Index held onto gains of 29.68 points to move into Tuesday afternoon at 21,617.56.The Canadian dollar slid 0.04 cents to 72.88 cents U.S.

In corporate news, a U.S. appeals court on Monday handed Michigan's attorney general a jurisdictional victory in her bid to force Enbridge (TSX:ENB) to stop operating the Line 5 oil pipeline underneath the Straits of Mackinac in the Great Lakes by allowing her to pursue her case in state rather than federal court.Enbridge shares erased a penny to $47.82. A Brookfield-led consortium entered into an agreement to invest in Gems Education, partnering with the Varkey Group.

Brookfield shares dropped 14 cents to $56.24. Among individual stocks, Ballard Power Systems (TSX:BLDP) jumped 26 cents, or 7.4%, to $3.77 after the fuel cell manufacturer announced a technology partnership with packaging firm Vertiv.

ON BAYSTREET The TSX Venture Exchange stayed above water 2.45 points to 575.38. The 12 subgroups were evenly divided, with energy soaring 1.9%, while health-care acquired 0.6%, and gold plays gained 0.5%. The half-dozen laggards were weighed most by information technology, slumping 0.9%, consumer discretionary stocks, off 0.4%, and communications down 0.3%.

ON WALLSTREET The S&P 500 hovered near the flatline Tuesday as investors assessed the health of the consumer following weak retail sales data.The Dow Jones Industrials poked up but 1.94 points to 38,780.04.The much-broader index gained 4.31 points to 5,477.54.The NASDAQ dipped 24.86 points, to 17,832.16.Nvidia (NASDAQ:NVDA) continued its march toward record-setting highs, gaining about 1%. Some semiconductor stocks rose in sympathy, with Qualcomm (NASDAQ:QCOM) and Taiwan Semiconductor last up at least 3% each. Micron Technology (NASDAQ:MU) gained 6%.

Retail sales rose 0.1% in May, versus the 0.2% growth forecast by economists polled by Dow Jones. Sales rose 2.3% on a year-over-year basis.Prices for the 10-year Treasury strengthened, lowering yields to 4.24% from Monday’s 4.28%. Treasury prices and yields move in opposite directions. Oil prices gained $1.11 to $81.44 U.S. a barrel. Gold prices rose $10.20 to $2,339.20

This content was originally published on Baystreet.ca

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