TORONTO: Canada’s main stock index rose on Tuesday as surging gold and crude prices boosted materials and energy stocks, with investor focus now on the Bank of Canada policy meeting later this week.
At 9:49 a.m. ET (13:49 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 122.14 points, or 0.56%, at 21,912.63.
Nine of the 10 major Canadian sector indexes rose. The energy sector climbed 2.5% tracking crude prices, which gained over 5%, as concerns about Chinese demand eased after Shanghai relaxed some COVID-19-related curbs and OPEC warned of tight supply. The financials sector gained 0.2%, while the industrials sector added 0.6%.
The materials sector, which includes precious and base metals miners and fertilizer companies, added 0.8% as gold futures rose 1.4% to $1,971.8 an ounce.
The Nasdaq led gains on the Wall Street after data showed US consumer prices rose largely-in line with estimates, although the core print came in softer-than-expected. Investors have been bracing for the Federal Reserve and the Bank of Canada to move aggressively to tamp down inflation.
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