Canada’s S&P/TSX Composite closed 0.5% higher at 20,384 on Wednesday, extending gains for the fourth consecutive session with support from heavyweight energy stocks, while investors digested minutes from the FOMC’s May meeting that signaled 50bps rate hikes in the Federal Funds rate in the coming two meetings. Vermillion and Gran Tierra led gains in the energy sector with both papers rising over 8%. At the same time, cannabis growers lifted the healthcare subindex, driven by a 6.3% rise for Canapy Growth. In the earnings front, Bank of Nova Scotia reported strong quarterly results and closed in the green. Still, the bullish momentum was limited by weakness in materials, weighed down by falling metal prices.
Historically, the Canada Stock Market Index (TSX) reached an all time high of 22213.07 in April of 2022. Canada Stock Market Index (TSX) - data, forecasts, historical chart - was last updated on May of 2022.
The Canada Stock Market Index (TSX) is expected to trade at 19785.58 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 18599.98 in 12 months time.