Toronto, Canada - In a positive turn of events, stocks in Toronto experienced a rise today, driven by gains in the financial sector.
In midday trading on Thursday, the S&P/TSX Composite Index showed a 0.4% increase, reaching 20,914.27. The blue-chip S&P/TSX 60 also fared well, advancing 0.5% to 1,265.19.
Notably, all major banks saw an upward trend, with Bank of Nova Scotia and Toronto-Dominion Bank posting gains of 1%.
However, the energy sector faced some setbacks as oil prices dropped following the release of official U.S. data indicating a significant increase in petroleum-product supplies. This development raised concerns about fuel demand. Canadian Natural Resources witnessed a decline of 1.1%, while Cenovus and Suncor Energy fell 2.3% and 0.8% respectively. Retailers also experienced losses, with George Weston dropping 0.6% and Loblaw shedding 0.8%.
Here are other notable movements in the market:
- First Quantum Minerals shares decreased by 2.9% to C$12.90 after a recent media report suggested a possible takeover bid by Barrick Gold, leading to heavy trading on Wednesday.
- CGI, an IT company, secured a seven-year agreement to assist in the modernization of U.K. air-traffic controller NATS Holdings' digital infrastructure and enhancement of its air-traffic operations services in the U.K. This news caused CGI's stock to rise by 0.2% to C$137.34.
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