TSX surges higher as base metals & financial gains, loonie up by 0.22%

By - Kajal Jain

Canadian main stock index shot higher by 171.56 points or 0.89 per cent to reach 19,413 at the end of the Thursday session on September 8, supported by base metals and financial stocks.

The base metals sector ticked up by 3.27 per cent, followed by a 1.59 per cent growth in the interest rate-sensitive financial sector. The information technology (IT) stocks also increased as the sector index climbed 1.09 per cent. The energy, industrial and utility sectors also increased slightly. The telecommunication sector, however, dropped by 0.58 per cent.

One-year price chart of TSX Composite Index along with SMA 20-day, SMA 30-day, SMA-50-day (September 8). Analysis by © 2022 Kalkine Media®).

Volume Active

On September 8, Suncor (TSX: SU) noted the highest trading volume of approximately 13 million shares, making it the most actively traded stock on the Toronto Stock Exchange (TSX). Cenovus Energy (TSX: CVE) was the second after Suncor, with about 11.03 million CVE shares exchanging hands. The third most active stock was Barrick Gold (TSX: ABX), with nearly 8.93 million ABX shares switching hands.

Wall Street update

The Wall Street stocks saw modest gains as the NYSE Composite rose by 0.79 per cent. The NASDAQ Composite also gained 0.59 per cent along with the S&P 500, which climbed 0.66 per cent. Moreover, the Dow Industrials also swelled by 0.61 per cent.


In the commodity market, yellow metal (Gold) slid by 0.44 per cent to US$ 1,720.2 per troy ounce at the end of the Thursday session. Oil prices increased as the Crude WTI Futures for October 2022 closed at US$ 82.98 per barrel, an increase of 1.27 per cent. The Brent Oil Futures for November 2022 also reached US$ 88.62 per barrel on September 8, marking a 0.7 per cent rise.

Currency news

In the foreign exchange market, the CAD/USD settled at 0.76 on September 7, denoting a 0.22 per cent gain. On the other front, the US Dollar Index Futures for September 2022 was lowered by 0.11 per cent to 109.71. The CAD/EUR traded at 0.76 at the time of closing, reflecting a spike of 0.28 per cent.

Bond Market

In the bond market, the 10-Year Bond Yield in Canada was up by 1.67 per cent to stand at 3.21. While the US 10-Year Bond Yield also appreciated by 1.7 per cent to reach 3.32.