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The Canadian market continued its positive momentum on Thursday, July 28, and the main Canadian index had gained about 1.1 per cent at market close. The S&P/TSX Composite Index was up by 202.15 points and closed at 19,456.71.
The surge in the energy, industrial, and information technology sectors increased the price of the shares. Notably, the S&P/TSX Venture Composite surged by 2.5 per cent and closed at 635.41.
One-year price chart of TSX Composite Index along with SMA 20-day, SMA 30-day, SMA-50-day (July 28). Analysis by © 2022 Kalkine Media®
Cenovus Energy Inc. (TSX:CVE) became the most volume active stock during the trading session on Thursday and jumped about four per cent and closed at C$ 24.56 per share. 10.9 million CVE shares traded hands on the Toronto Stock Exchange.
Followed by Cenovus, Athabasca Oil Corporation (TSX:ATH) and Kinross Gold Corporation (TSX:K) were actively traded on the TSX and recorded volumes of 9.9 million and 8.3 million, respectively.
The stocks in the United States rose on Thursday for a second day, with gains of more than 1% recorded by all three major indexes. Investor speculation grew that the Federal Reserve may not need to raise interest rates as quickly as some had anticipated due to data showing the economy shrank for a second consecutive quarter.
Following the data release, the yield on benchmark 10-year Treasury notes decreased. The best-performing S&P 500 sectors were utilities (.SPLRCU) and real estate (.SPLRCR), which typically increase when yields decline.
For August delivery, the Gold Futures rose by 2.06 per cent to US$ 1,754.5 per troy ounce. Meanwhile, the October Brent Oil Contract jumped 0.56 per cent to US$ 102.24 per barrel, and the crude oil for delivery in September decreased by 0.16 per cent to US$ 97.1 per barrel.
Like the previous trading sessions, the loonie remained unchanged at 0.1 per cent to 0.78, and the CAD/EUR was also constant at 0.77. Meanwhile, the US Dollar Futures declined 0.25 per cent to 106.06.
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