TSX rises as energy soars after IEA lifts growth outlook, loonie up

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TSX rises as energy soars after IEA lifts growth outlook, loonie up

 TSX rises as energy soars after IEA lifts growth outlook, loonie up
Image source: © Bluebay2014 | Megapixl.com

Canada's main stock index surged by 105.94 points (or 0.53 per cent) to end the session at 19,991.88 on Thursday, August 11. This triple-digit increase, which occurred for the second day in a row, primarily came as the oil and gas stocks moved higher in the wake of the International Energy Agency (IEA) lifting its global demand growth estimates for 2022 by 380,000 barrels a day.

The energy sector gained 3.93 per cent. Meanwhile, the financial, base metals and telecommunication sectors also surged slightly by 0.71 per cent, 0.19 per cent and 0.14 per cent, respectively. On the other hand, the industrials, information technology (IT), healthcare and utility sectors slipped into the red territory.

TSX rises as energy soars after IEA lifts 2022 growth outlook, loonie up
One-year price chart of TSX Composite Index along with SMA 20-day, SMA 30-day, SMA-50-day (August 11). Analysis by © 2022 Kalkine Media®).

Volume Active

On Thursday, August 11, Suncor Energy (TSX: SU) saw the highest trading volume of 13.31 billion, making it the most actively traded stock on the Toronto Stock Exchange (TSX). Enbridge (TSX: ENB) and Manulife Financial (TSX: MFC) were the second and third most active stocks, with 13.02 million and 12.1 million shares switching hands, respectively.

Top gainers and laggards on August 11

Wall Street update

The NASDAQ Composite Index plunged by 0.58 per cent to close at 12,779.91 on August 11, while the NYSE Composite Index continued to rise higher by 0.32 per cent to 15,602.93 at the end of the Thursday session. The Dow Industrials index increased by 0.08 per cent while the S&P 500 was in the red, down by 0.07 per cent.

Commodities

In the commodity market, gold was in the red after falling slightly by 0.36 per cent to US$ 1807.2 per troy ounce. On the contrary, Brent prices rose by 2.26 per cent to US$ 99.6 per barrel and Crude prices climbed by 2.62 per cent to US$ 94.34 per barrel.

Currency news

Now coming to foreign exchange rates, CAD/USD spiked by 0.08 per cent to 0.78. On the other hand, CAD/EUR was at 0.75, down by 0.11 per cent and the US Dollar Index Futures also fell by 0.08 per cent to 104.99.

Bond Market

Canada's 10-Year Bond Yield reached 2.78, up by 4.19 per cent. In contrast, the US 10-Year Bond Yield dropped by 0.63 per cent to 2.87 on August 11.

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