{"id":54264,"date":"2023-08-29T05:03:22","date_gmt":"2023-08-29T09:03:22","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/miners-energy-stocks-lift-tsx-to-two-week-highs\/"},"modified":"2023-08-29T05:03:24","modified_gmt":"2023-08-29T09:03:24","slug":"miners-energy-stocks-lift-tsx-to-two-week-highs","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=54264","title":{"rendered":"Miners, energy stocks lift TSX to two-week highs"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: The Art Deco facade of the original Toronto Stock Exchange building is seen on Bay Street in Toronto, Ontario, Canada January 23, 2019. REUTERS\/Chris Helgren\/File Photo<\/span>
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By Shashwat Chauhan<\/p>\n

(Reuters) -Toronto’s main stock index rose to two-week high on Monday as higher commodity prices lifted materials and energy stocks, while investors awaited a slew of economic data coming in this week from Canada and the United States.<\/p>\n

At 10:00 a.m. ET (1400 GMT), the Toronto Stock Exchange’s S&P\/TSX composite index was up 179.15 points, or 0.9%, at 20,014.9, touching its highest since August 15. <\/p>\n

Energy stocks added 1.7% as oil prices rose after China halved stamp duty on stock trading in its latest attempt to boost the struggling market. [O\/R]\n

China’s finance ministry said in a brief statement on Sunday it was reducing the 0.1% duty on stock trades “in order to invigorate the capital market and boost investor confidence”.<\/p>\n

Wall Street also had an upbeat start to the week with the benchmark adding 0.6%. [.N]\n

“It still feels like you don’t want to buy Chinese equities directly because there’s still a lot of uncertainty there,” said Greg Taylor, chief investment officer at Purpose Investments.<\/p>\n

“But adding some of the derivative aspects might be more palatable for a lot of investors.”<\/p>\n

The materials sector, which houses Canada’s major mining firms, added 1.3%, tracking higher metal prices. [GOL\/] [MET\/L] <\/p>\n

Heavyweight financials rose 1.0%, while technology sector gained 0.2% as bond yields eased. <\/p>\n

Despite gains in the session, the benchmark index is set to record its worst monthly performance for August in the last eight years as a recent surge in bond yields and negative sentiment around top commodities consumer China weighed on the resources-heavy index.<\/p>\n

Looking ahead, Canada’s second-quarter gross domestic product report, due later in the week, is likely to show a sharp slowdown in domestic economic growth, a Reuters poll of economists showed.<\/p>\n

Major Canadian Banks, including Bank of Montreal, Bank of Nova Scotia and National Bank of Canada (OTC:), are also scheduled to report their quarterly earnings this week.<\/p>\n

Among individual stocks, BlackBerry (NYSE:) fell 1.6%, a day after rallying more than 17%.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: The Art Deco facade of the original Toronto Stock Exchange building is seen on Bay Street in Toronto, Ontario, Canada January 23, 2019. REUTERS\/Chris Helgren\/File Photo By Shashwat Chauhan (Reuters) -Toronto’s main stock index rose to two-week high on Monday as higher commodity prices lifted materials and energy stocks, while investors […]<\/p>\n","protected":false},"author":1,"featured_media":791,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-54264","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nMiners, energy stocks lift TSX to two-week highs | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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