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

Published on July 28, 2022 04:45 AM EDT

More on: Shopify Inc. Manulife Financial Corp

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.

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.

Raza Naqvi

Author

Raza Naqvi - Financial Journalist
998 Posts
Raza comes from a hard-news background and is an experienced writer with a demonstrated history of working in reputed organizations like the United Nations, Indian Express, and Hindustan Times. Currently, he is exploring the financial world!...

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Incorporated (Kalkine Media), Business Number: 720744275BC0001 and is available for personal and non-commercial use only. The advice given by Kalkine Media through its Content is general information only and it does not take into account the user’s personal investment objectives, financial situation and specific needs. Users should make their own enquiries about any investment and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media is not registered as an investment adviser in Canada under either the provincial or territorial Securities Acts. Some of the Content on this website may be sponsored/non-sponsored, as applicable, however, on the date of publication of any such Content, none of the employees and/or associates of Kalkine Media hold positions in any of the stocks covered by Kalkine Media through its Content. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used in the Content are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used in the Content unless stated otherwise. The images/music that may be used in the Content are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated or was found to be necessary.