Update: — TSX at 4pm: Toronto Market Rises 218.02 Points On Rising Energy, Industrial, Financial Stocks
Canada’s largest stock exchange rebounded from day earlier losses on Wednesday as rising energy, industrial and financial issues pushed the S&P/TSX Composite Index Up 218 points, or 1.47%, to close at 15,095.2.
The gains came on higher industrial stocks, with the sector rising 2.8%, while the energy and financial sectors also saw strong gains, up 2.4% and 1.1% respectively, though all the Toronto Stock Exchange’s major subindexes were higher. Health care stocks also gained as cannabis-related issues rose, with Aurora Cannabis (ACB.TO) gaining $0.22, or 2.7%, to $8.25.
The rise more than made up for a 1.3% drop on Tuesday that came on tumbling oil prices and falling U.S. markets as tech stocks weakened. The S&P 500 index regained some lost ground on Wednesday, gaining 10.88 points to 2,652.66. The Nasdaq composite index also ended in the black, up 63.43 points to 6,972.25 though the Dow Jones Industrial Index ended down 0.95 points to 24,464.69.
The U.S. markets are closed Thursday for the Thanksgiving holiday, which generally brings light trading on the Toronto Exchange.
After markets closed, the Canadian government released is fall economic update, pegging the budget deficit at $18.8 billion. Finance Minister Bill Morneau also offered up corporate tax cuts and further support for the mining industry.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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