Energy sector and materials help TSX close just shy of the 22,000 mark
Investing.com | Author Ketki Saxena
Published Mar 13, 2024 14:31
Updated Mar 13, 2024 17:26
Investing.com – Canada's main stock index, the S&P/TSX Composite gained 0.64% by the close to add 139 points, just shy of the 22,000 level.
The TSX’s gains posted it’s third consecutive day of gains, receiving a boost from copper miners, as prices jumped to their highest in seven months after a joint production cut agreed on by smelters in China. Rising gold prices also helped the heavyweight materials sector rise 3%
The TSX also gained a boost from energy shares, with crude prices settling 2.68% higher to hit $79.64 a barrel, supporting the Canadian index’s energy sector to a 1.7% gain.
Crude prices rose after attacks on Russian refineries, hopes for Fed rate cuts, and healthy signs of demand in the U.S. as the EIS reported that Weekly U.S. crude stockpiles fell by 1.5M barrels last week.
The biggest gainers of the session on theTECKb ) was up 8.04% or 4.58 points to 61.56 in late trade.
Biggest losers included Cameco Corp (TSX:CCO) (TSX:LIF ) shed 4.57% or 1.38 points to 28.84.
Wall Street's main indices meanwhile closed mixed. At the close in NYSE, the NASDAQ Composite index lost 0.54%.
Wall Street’s main indices meanwhile were mixed, with the Dow edging higher on commodities support, while tech stocks weighed on the Nasdaq and S&P 500.
Sentiment remained cautious ahead of key U.S. retail sales data for February due Thursday, and a rate-decision from the Federal Reserve next week.
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Written By: Investing.com
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