TSX Rises on BoC Rate-Hold Expectations

The S&P/TSX Composite Index rose about 1% to near 35,500 on Friday as weaker employment data reinforced expectations that the Bank of Canada will refrain from hiking rates. Employment fell by 68,300, missing expectations for a 7,000 increase, while the unemployment rate edged up 0.1 percentage point to 6.5%, in line with forecasts. Canadian bond yields moved lower and oil prices eased from recent peaks, supporting credit-sensitive stocks. RBC, BMO, Scotiabank and CIBC rose around 0.5% each. Gold prices also advanced, lifting mining shares, with Agnico Eagle, Barrick and WPM gaining more than 2% each. Energy stocks rose as oil prices remained elevated, with Canadian Natural and Suncor up about 1%. Elsewhere, Aritzia surged nearly 15% after beating expectations for second-quarter revenue and profit.

The S&P/TSX Composite Index edged 0.3% higher on Thursday, supported by gains in the energy and related industrial services sectors. Oil prices surged throughout the session on reports that the US is planning new strikes against Iran, risking the recent rebound in Middle Eastern oil exports. Energy producers gained, with Canadian Natural up 3%, Cenovus adding 2.5%, Suncor rising 3.7% and Imperial Oil advancing 2.6%. Enbridge rose 1.1% and TC Energy gained 1.6%. Mining shares picked up as gold prices firmed, with Agnico Eagle rising 1.7%, Barrick up 1.8% and WPM adding 0.9%. Global yields remained elevated amid intensifying inflationary pressures from high oil and fuel prices and a hawkish US Federal Reserve backdrop. Financials posted losses, with RBC losing 0.7%, BMO down 1%, CIBC shedding 0.6% and National Bank falling 1.7%. The tech sector tracked losses on Wall Street, with Shopify down 1%.

The S&P/TSX Composite Index edged higher above 35,000 on Thursday, supported by gains in the energy and related industrial services sectors. Oil prices surged on reports that the US is planning new strikes against Iran, risking the recent rebound in Middle Eastern oil exports. Energy producers gained, with Canadian Natural, Suncor and Imperial Oil up about 2% each, while Cenovus added nearly 3%. Enbridge, Waste Connections and TC Energy rose about 1% each. Most gold miners edged higher as gold prices posted modest gains after falling in the prior session, with Agnico Eagle and Franco-Nevada up more than 0.5%. Global yields also extended their rally amid intensifying inflationary pressures from high oil and fuel prices and a hawkish US Federal Reserve backdrop. Financials posted losses, with RBC and BMO down nearly 1%, while TD Bank and CIBC fell about 0.5%.