Canada Stocks: Toronto market climbs to 2-week high on broad-based gains

BlackBerry

27/06/2024 21:20

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      TSX ends up 0.7% at 21,942.16
    

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      Posts its highest closing level since June 12
    

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      Energy adds 1.3%; oil settles 1% higher
    

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      BlackBerry up 10.5% on Q1 revenue beat
    

  
 (Updates at market close)
    By Fergal Smith
       June 27 (Reuters) - Canada's main stock index rose to a
two-week high on Thursday, with heavily weighted financials and
energy among the sectors to make headway in a broad-based move
as long-term borrowing costs eased and commodity prices climbed.
    The Toronto Stock Exchange's S&P/TSX composite index
 .GSPTSE  ended up 148.26 points, or 0.7%, at 21,942.16, its
highest closing level since June 12.
    "It's been a tough few weeks for the TSX, especially in
comparison with the S&P," said Christine Tan, a portfolio
manager at SLGI Asset Management Inc. "In the last couple of
days, we've seen the TSX come back a little bit."
    The Toronto market was still on course to post a monthly
decline, with the index down 1.5% since the beginning of June.
U.S. benchmark the S&P 500 has advanced 3.9% over the same
period.
    "Our managers are really waiting to see what the earning
season looks like and more importantly what guidance sounds like
before we really get a good sense where the TSX is headed," Tan
said.
    All 10 major sectors on the Toronto market ended higher,
including a gain of 1.3% for energy as the price of oil  CLc1 
settled 1% higher at $81.74 a barrel.
    Gold  XAU=  also rallied. That helped lift metal mining
stocks, with the materials group gaining 0.4%.
    Financials added 0.6%, while technology was up 1.4%, helped
by a 10.5% gain for the shares of BlackBerry Ltd  BB.TO  after
the company beat first-quarter revenue estimates.
    Bond yields eased as U.S. economic data showed a continued
slowdown in activity. That helped boost interest rate sensitive
stocks, with real estate adding 1.6% and utilities up 0.7%.
    MDA Space Ltd  MDA.TO  shares jumped 13.5% after the company
was awarded a contract to design and deliver a space robotics
system.

 (Reporting by Fergal Smith in Toronto and Nikhil Sharma in
Bengaluru; Editing by Vijay Kishore, Shreya Biswas and David
Gregorio)
 ((fergal.smith@thomsonreuters.com; +1 647 480 7446))