At Close TSX up 1.09%; Commodities Help Canadian Index outperform U.S. Benchmarks

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© Reuters.

By Ketki Saxena — At the close in Toronto, the index was at  18,595.62 points, up 1.09% in the day’s trading. 

The commodity heavy Canadian index remained supported by strength in crude and broad-based gains in metals, even as Wall Street retraced the morning’s gains as recession worries were further fanned following news that Apple (NASDAQ:) plans to slow hiring and spending growth next year. 

Commodities including base metals and crude meanwhile continue to be supported by a retreating as rate-hike bets for a 100 bps hike from the Fed pare back following last week’s comments from typically hawkish Fed policymakers that such a move would not be advisable. 

Crude prices received a further boost as an OPEC+ output increase remains unlikely, despite U.S. President Joe Biden’s optimism after talks with Saudi Crown Prince Mohammed Bin Salman. At the close of the North American session, for delivery in September rose or 4.38 to hit $98.95 a barrel, while the September contract rose 4.52% or 4.57 to trade at $105.73 a barrel. 

The biggest gainers of the session on the TSX today were Canopy Growth Corp (TSX:TSX:), which rose 15.46% or 0.45 points to trade at 3.36 at the close. Athabasca Oil Corp added 12.81% or 0.26 points to end at 2.29 and Precision Drilling Corporation was up 9.02% or 6.22 points to 75.20 in late trade.

Biggest losers included Wesdome Gold (TSX:) Mines Ltd., which lost 4.61% or 0.45 points to trade at 9.31 in late trade. Alimentation Couche Tard Inc declined 1.89% or 0.99 points to end at 51.44 and Thomson Reuters (TSX:) Corp shed 1.79% or 2.48 points to 136.17.

In New York, the fell 0.69%, while the declined 0.84%, and the fell 0.81%