TSX To Shake 3-Mo. Slump
Canada''s resource-heavy main stock index rose on Friday, helped by strong company earnings, while data showing Canadian economy most likely grew above Bank of Canada''s projection boosted expectations of another big hike in September. The TSX popped 198.93 points, or 1%, to move into noon hour Friday at 19,655.64. The Canadian dollar dipped 0.04 cents to 78.04 cents U.S. Boosting the index, oil major Imperial Oil gained $2.47, or 4.2% to $61.53 on reporting a more than six-fold jump in second-quarter profit, as the energy company benefited from a surge in energy prices after the Russian invasion of Ukraine TFI International rose $3.29, or 2.7%, to $124.61 on reporting better-than-expected earnings, while auto parts maker Magna International slipped $1.12, or 1.4%, to $80.61, on missing profit estimates, hit by higher commodity and energy costs worsened by Russia''s invasion of Ukraine. On the economic calendar, Statistics Canada reported real gross domestic was essentially unchanged in May as growth in services-producing industries was offset by declines in goods-producing industries.
TSX To Shake 3-Mo. Slump
Canada''s resource-heavy main stock index rose on Friday, helped by strong company earnings, while data showing Canadian economy most likely grew above Bank of Canada''s projection boosted expectations of another big hike in September. The TSX popped 198.93 points, or 1%, to move into noon hour Friday at 19,655.64. The Canadian dollar dipped 0.04 cents to 78.04 cents U.S. Boosting the index, oil major Imperial Oil gained $2.47, or 4.2% to $61.53 on reporting a more than six-fold jump in second-quarter profit, as the energy company benefited from a surge in energy prices after the Russian invasion of Ukraine TFI International rose $3.29, or 2.7%, to $124.61 on reporting better-than-expected earnings, while auto parts maker Magna International slipped $1.12, or 1.4%, to $80.61, on missing profit estimates, hit by higher commodity and energy costs worsened by Russia''s invasion of Ukraine. On the economic calendar, Statistics Canada reported real gross domestic was essentially unchanged in May as growth in services-producing industries was offset by declines in goods-producing industries.