TSX Rises To 4-week High On Widespread Buying
(RTTNews) - The Canadian market rose to a four-week high on Wednesday thanks to strong buying in the materials, utilities, industrials and financials sectors.
Data showing a smaller than expected increase in U.S. private sector employment, and an unexpected drop in service sector activity raised hopes the Fed will cut interest rate in September.
The benchmark S&P/TSX Composite Index ended with a gain of 269.87 points or 1.23% at 22,223.67, the highest close since June 6.
Agnico Eagle Mines (AEM.TO), Teck Resources (TECK.B.TO), Dayforce (DAY.TO), Colliers International (CIGI.TO), Wheaton Precious Metals (WPM.TO) and Stantec (STN.TO) climbed 3.2 to 4%.
WSP Global (WSP.TO), Canadian Pacific Kansas City (CP.TO), goeasy (GSY.TO), ONEX Corporation (ONEX.TO) and Franco-Nevada Corporation (FNV.TO) gained 2.4 to 3%.
Constellation Software (CSU.TO), Intact Financial Corporation (IFC.TO), Waste Connections (WCN.TO), CDN Western Bank (CWB.TO), Royal Bank of Canada (RY.TO), Tilray Inc (TLRY.TO), Brookfield Renewable Partners (BEP.UN.TO) and Algonquin Power (AQN.TO) also posted strong gains.
On the economic front, data from Statistics Canada showed the nation recorded a trade deficit of 1926.90 C$ Million in May. Canadian exports were down 2.6% to C$ 62.4 billion in May, from C$ 64.1 billion the previous month. Imports dropped 1.6% to C$ 64.4 billion in May from C$ 65.4 billion in April.
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