TSX index jumps 1.5% as IT sector soars, loonie remains constant

Image Source: © Solarseven | Megapixl.com

On Wednesday, July 27, increases in the information technology (IT), energy, base metals, and industrial sectors helped lift Canadian stocks higher at the closing. The S&P/TSX Composite rose 1.49 per cent and closed at 19,254.56 points.

Notably, the energy and base metals sectors were up 2.9 per cent at Toronto close, and the IT sector recorded the highest gains of 4.3 per cent. Meanwhile, the industrials and financial sectors rose 2.3 per cent and 1.1 per cent, respectively.


One-year price chart of TSX Composite Index along with SMA 20-day, SMA 30-day, SMA-50-day (July 27). Analysis by © 2022 Kalkine Media®

Volume Active

Around 8.6 million shares of Manulife Financial Corporation (TSX:MFC) were traded during the trading session on July 27, making it the most volume active stock. Meanwhile, the Toronto-Dominion Bank (TSX:TD) and Athabasca Oil Corporation (TSX:ATH) were the second and third-most volume active stocks on the Toronto Stock Exchange.

Wall Street update

After the market closed on Wednesday, the stocks in the United States closed higher as increases in the technology, consumer services, and oil & gas sectors drove up stock prices.

The Dow Jones Industrial Average increased by 1.37 per cent to a new one-month high at the NYSE close, while the S&P 500 index increased by 2.62 per cent and the NASDAQ Composite index increased by 4.06 per cent.

For the second consecutive month, Federal Reserve officials increased interest rates by 0.75 per cent, and Chair Jerome Powell indicated that another comparable action might be taken soon.

Commodities

In the commodities market, the price of gold increased by 0.86 per cent to US$ 1,732.5 per troy ounce. Also, the September delivery crude oil price increased by 3.35 per cent to US$ 98.16 per barrel. Meanwhile, the Brent oil contract for October increased by 3 per cent to US$ 102.44 a barrel.

Currency news

CAD/USD and CAD/EUR remained constant at 0.76, and at 106.31, the US Dollar Index Futures declined by 0.68 per cent.



 


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