By Ketki Saxena
Investing.com – At 12:40 p.m. Toronto, the was at 20,691.73 points, up 0.78% in daily trading.
Gains on the TSX today were broad based, with all sectors except Health Care (-5.16%), Materials (-0.45%) and Utilities (-0.44%) in the green midday, as market sentiment remained bullish after Wednesday’s meeting. minutes from the Federal Reserve, and today’s US CPE data which offered indications that inflation could be peaking.
Canada’s commodity-heavy index was most supported by energy (+1.29%), which trailed crude’s gains in a volatile trading day, as supply issues were exacerbated by the arrival of the United States. the driving season and impending EU ban on Russian oil overshadowed fears of a drop in demand driven by the global economic slowdown and Chinese lockdowns.
The TSX was also supported by financial heavyweights (+0.94%), which have steadily gained this week on the back of earnings from the big six Canadian banks, which closed today on the National bank of Canada (TSX:). The Montreal bank reported earnings per share of $2.55 compared to $2.25 per share in the same period last year, comfortably beating analysts’ estimates of $2.27 earnings per share.
Technology (+2.08%), another heavily weighted sector, also helped lift the TSX as investors bought the drop in heavily sold stocks, including Blackberry (TSX:) (+7.10%), Hut 8 Mining (TSX:) (+6.08%), and Converge Technology (TSX:) (+5; 74%) – the biggest gainers on the TSX so far today. Ballard (TSX:) (+5.54%) and LifeWorks Inc (TSX:) (+5.45%) were also among today’s top gainers.
Cannabis stocks have been the biggest losers on the TSX so far today, including Aurora Cannabis (TSX:) (-38.76%), Canopy Growth (TSX:) (-14.61%) and Tilray (TSX:) (-3.86%). Aurora shares fell after yesterday’s announcement of $125 million in funding, while Canopy shares fell after sinking after fourth-quarter losses reported on the company’s earnings call. the company earlier in the day.
Canadian Western Bank (TSX:) (-8.58%) and OceanaGold Corporation (TSX:) (-4.52%) were also among the day’s biggest losers at midday.