Canada Stocks: Toronto market ends higher as commodity prices rally

Ballard Power Systems

18/06/2024 21:23

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      TSX ends up 0.1% at 21,611.30
    

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      Energy rallies 1.6%; oil settles 1.5% higher
    

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      Ballard Power up on technology partnership
    

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      Materials group adds 0.7%
    

  
 (Updates at market close)
    By Fergal Smith
       June 18 (Reuters) - Canada's main stock index ended a
three-day losing streak on Tuesday as higher commodity prices
boosted resource shares, but the gain was modest with investors
weighing U.S. retail sales data that fell short of expectations.
    The S&P/TSX  .GSPTSE  ended up 23.42 points, or 0.1%, at
21,611.30, after it posted on Monday its lowest closing level in
three months.        
    U.S. retail sales barely rose in May and data for the prior
month was revised considerably lower, suggesting that economic
activity remained lackluster in the second quarter. Canada sends
about 75% of its exports to the United States.
    The data disappointed, "adding to the evidence of a slowing
U.S. economy," Colin Cieszynski, chief market strategist at SIA
Wealth Management, said in a note.    
    The energy sector  .SPTTEN  rallied 1.6% as the price of oil
 CLc1  extended its recent gains, settling 1.5% higher at $81.57
a barrel, on escalating tensions in Europe and the Middle East.
    Ballard Power Systems  BLPD.TO  jumped 6.8% after the fuel
cell manufacturer announced a technology partnership with
packaging firm Vertiv  VRT.N .
    The materials group  .GSPTTMT , which includes metal miners
and fertilizer companies, added 0.7% as gold and copper prices
rose.
    Information technology  .SPTTTK  was a drag, slipping 1.1%,
with Lightspeed Commerce Inc  LSPD.TO  ending 5.5% lower.
    Industrials and real estate both lost 0.5%.

 (Reporting by Fergal Smith in Toronto and Nikhil Sharma and
Shashwat Chauhan in Bengaluru; Editing by Shreya Biswas and
Marguerita Choy)
 ((fergal.smith@thomsonreuters.com; +1 647 480 7446))