Canada Stocks: Toronto market ends higher as oil prices climb

TransAlta

11/07/2023 21:26

* 
      TSX ends up 0.3% at 19,878.56
    

        * 
      Energy gains 1.3% as oil settles 2.5% higher
    

        * 
      Tech stocks rally 0.7%
    

  
 (Updated at market close)
    By Siddarth S and Fergal Smith
       July 11 (Reuters) - Canada's main stock index rose on
Tuesday, led by gains for energy and information technology
stocks, while investors looked forward to U.S. inflation data
and a Bank of Canada interest rate announcement on Wednesday.
    The Toronto Stock Exchange's S&P/TSX composite index
 .GSPTSE  ended up 56.11 points, or 0.3%, at 19,878.56.
    The BoC is expected to deliver another 25-basis-point rate
hike after data last week hinted at a robust jobs market.
    "We think that tomorrow we're going to see a rate hike,"
said Angelo Kourkafas, senior investment strategist at Edward
Jones.
    "But investors likely realize that the BoC is nearing the
end of its tightening campaign, so potentially, tomorrow's rate
hike could be the last one of the cycle."
    U.S. stocks also ended higher, helped by gains in financial
shares ahead of a U.S. consumer price index report on Wednesday
that could offer clues on whether inflation is abating and if
the Federal Reserve is nearing the end of its rate hiking cycle.
    The Toronto market's technology sector rallied 0.7%, with
Shopify  SHOP.TO  advancing 1.7% after it announced a
partnership with U.S. streaming device maker Roku  ROKU.O . 
    Energy shares added 1.3% as oil settled 2.5% higher at
$74.83 a barrel.
    Shares of TransAlta Renewables Inc  RNW.TO  soared 18.5% as
electric utility firm TransAlta Corp  TA.TO  said it would buy
the rest of the stake in the company it does not own.

 (Reporting by Fergal Smith in Toronto and Siddarth S and
Shashwat Chauhan in Bengaluru; Editing by Maju Samuel, Pooja
Desai and Sandra Maler)
 ((fergal.smith@thomsonreuters.com; +1 647 480 7446;))