The Toronto stock index gained on Tuesday as energy stocks rose tracking oil prices and as data showed Canada’s exports scaled all-time peak in February.
The Toronto Stock Exchange’s S&P/TSX composite index edged up 24.94 points, or 0.11%, to 22,110.54 at 10:37 a.m. ET (1437 GMT).
It had risen as much as 0.6% to a record high of 22,213.07 earlier in the session.
Canadian stocks pared gains after U.S. markets turned negative following Federal Reserve Governor Lael Brainard comments that she expects methodical interest rate increases and rapid reductions to the Fed’s balance sheet.
“We’ve got the U.S. markets down a little bit today, which is a bit of a headwind for equities in general … the TSX sometimes gets caught on days like this between what’s happening in the U.S. and with commodities,” said Colin Cieszynski, chief market strategist at SIA Wealth Management.
“Canada is definitely more of a resource market than the United States and when you’re at the beginning of a rate hike cycle - that can be a bit of a headwind.”
Domestic data on the day showed exports rose 2.8% to C$58.75 billion, driven mostly by energy products, while imports climbed 3.9% to C$56.08 billion, led by metals.
The energy sector added 0.2% tracking volatile crude prices which were last up about 0.5% on tighter global supply concerns.
Europe said it was working on banning oil imports as it proposed banning Russian coal imports and Russian ships entering EU ports to punish Moscow over alleged war crimes in Ukraine.
The financials sector gained 0.2%, while the industrials sector rose 0.7%.
Highlights
On the TSX, 99 issues were higher, while 137 issues declined for a 1.38-to-1 ratio to the downside, with 62.48 million shares traded.
The TSX posted 19 new 52-week highs and one new low.
Across all Canadian issues there were 63 new 52-week highs and 17 new lows, with total volume of 108.58 million shares.
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