TSX Gains Ground Despite Tumble in Crude Prices

By Ketki Saxena

Investing.com — Canada’s main stock index, the S&P/TSX Composite tracked the S&P500 and higher by afternoon trading, as the Wall Street indices were boosted by megacaps and chip stocks.

The meanwhile was pressured by Boeing (NYSE:) shares, as the U.S. Federal Aviation Administration (FAA) ordered the grounding of some jets.

Gains on the commodity heavy Canadian index were capped by losses in the energy sector, as crude prices fell following price cuts by Saudi Arabia, and a rise in OPEC output.

Investing Pro Subscribers are the first to receive breaking news, analyst upgrades, and best buy ProPick recommendations. For an extra 10% discount, use Coupon: Canada2024.

Don’t miss the New Year’s sale, for up to 60% off.

Toronto Stock Market News

Transat Inc (TSX:) shares rose after the carrier reached an agreement over a new labour contract with the Canadian Union of Public Employees.

Barrick Gold (NYSE:) received an upgrade from Bernstein to outperform, saying it is well poised to benefit from rising gold prices as rate cuts loom on the horizon.

Algonquin Power (TSX:) received an upgrade from BMO (TSX:), and a place on its Top 5 best Idea Roster.

Morguard Corporation (TSX:) announced it signed a deal to sell a portfolio of 14 hotels including Marriott, Hilton, and IHG hotels for $410 million as it focuses on its core real estate investments.

For upcoming earnings, view our earnings calendar.

Toronto Stocks Moving Markets Today

Top Gainers on the Today:

• Altus Group (TSX:)
• Bombardier (TSX:)
• Tilray (TSX:)

Top Losers on the TSX Today:

• Athabasca Oil (TSX:)
• Pason Systems (TSX:)
• Tamarack Valley (TSX:)

For all Canadian Stocks Moving Markets today, view our Canada Markets Page.

In Canadian Economics

No Major Canadian Economic Data

For all Canadian economic releases, view our economic calendar.

All currencies Canadian Dollar unless noted otherwise.