Toronto stocks hit new high
2022.12.13 10:24
Toronto stocks hit new high
Budrigannews.com – Canada’s really stock file hit a one-week high on Tuesday, lifted by innovation and mining stocks, as milder than-anticipated U.S. expansion raised trusts the Central bank could move to more modest rate climbs.
The S&P/TSX composite index on the Toronto Stock Exchange was up 279.6 points, or 1.4%, at 20,299.3 at 10:00 a.m. ET (1500 GMT).
The much-anticipated inflation data revealed that consumer prices in the United States barely increased in November, marking the smallest annual inflation increase in nearly a year.
The Federal Reserve may be able to begin reducing the size of its interest rate increases as soon as Wednesday, its final meeting of the year, if the data on inflation remain soft.
According to ABC Funds senior analyst Brandon Michael, “Today’s very unexpected downside surprise has suddenly precipitated a massive risk-on reaction.”
“Investors had been extremely negative about inflation and the upcoming tightening of monetary policy by the central bank.”
Shopify (NYSE:) and other rate-sensitive technology stocks led gains, rising 3.9%. as the biggest gainer, up 8.6%. The tech index saw its largest single-day increase in more than a month.
As gold prices rose against a weaker greenback, the materials sector, which includes precious and base metal miners, added to the cheerful mood by climbing 3.1%.
More Eli Lilly shares fall due to rising costs
Due to rising crude prices, the energy sector gained 2.9 percent.
Canadian stocks have surged from their lows in October on hopes that the Federal Reserve and other major central banks will temper their aggressive rate-hiking stances in light of signs that inflation may have reached its peak.
After announcing an offering of common shares, Bank of Montreal saw a 0.2% decline among single stocks.
