TSX gains as commodity-linked stocks rise, Bombardier soars
Reuters
Published Mar 23, 2023 07:32
Updated Mar 23, 2023 11:06
By Johann M Cherian
(Reuters) - Canada's key stock index edged higher on Thursday as mining and energy stocks advanced, with gains in Bombardier after its upbeat targets for 2025 also supporting the benchmark.
At 10:31 a.m. ET (14:31 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 105.09 points, or 0.54%, at 19,637.87.
Bombardier Inc (TSX:BBDb) soared 7.9% to log its biggest gain in more than two months after it raised its 2025 revenue and free cash flow targets at its investor day, banking on strong demand for private flights.
"Bombardier as a large conglomerate has done a relatively good job of shedding it's non core assets and realigning itself as a business jet provider," said David Pepall, portfolio manager at Aventine Investment Counsel.
The energy sector rose 0.7% while the materials sector advanced 1.0%, tracking upbeat commodity prices. [MET/L] [O/R] [GOL/]
The financials sector rose 0.5%, a day after the U.S. central bank chair Jerome Powell reassured investors about the soundness of the banking system.
The collapse of two mid-sized U.S. lenders in March had triggered a selloff in the financials-heavy TSX as investors lost confidence in the global banking system.
Still, on a quarterly basis, TSX is up 1.4%, clinging to early gains from January when investors returned to battered markets from 2022.
Capstone copper corp was the top loser on the index after the copper miner announced a bought secondary deal offering of C$285 million.
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Written By: Reuters
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