TSX rises in nervous trading, FSY and LAM stocks top gainers

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TSX rises in nervous trading, FSY and LAM stocks top gainers

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TSX rises in nervous trading, FSY and LAM stocks top gainers
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Highlights

  • The S&P/TSX composite index ended up 109.12 points, or 0.5%, at 20,928.21 on Tuesday.
  • It held below last Thursday's closing level of 21,031.81, which was the highest in four weeks.
  • The Toronto market's energy group climbed 2.3%.

Canada's main stock index rose on Tuesday, led by energy shares as oil prices climbed, but the index stuck within its recent sideways pattern ahead of US inflation data later in the week.

The Toronto Stock Exchange's S&P/TSX composite index ended up 109.12 points, or 0.5%, at 20,928.21, but holding below last Thursday's closing level of 21,031.81, which was the highest in four weeks. 

One-year price chart (June 7) of S&P/TSX.

One-year price chart (June 7) of S&P/TSX. Analysis by © 2022 Kalkine Media®

US stocks also ended higher in choppy trading. Investors are awaiting U.S. inflation data on Friday amid some uncertainty that price pressures are peaking.

The Federal Reserve is on track to deliver a half-percentage-point interest rate hike next week. A high inflation reading could add to expectations of further aggressive tightening in the second half of the year.

"The market's on edge this week," said Brandon Michael, senior investment analyst at ABC Funds. "Until we get the resolution of a lot of these macro events, it's dealing with a little bit of volatility."

TSX movers and laggards

The Toronto market's energy group climbed 2.3%, helped by a gain of 12.7% for uranium extraction company Energy Fuels Inc.

Also read: TSX soars past 21,000 points despite energy in red, loonie gains

Oil settled 0.8% higher at $119.41 a barrel, supported by supply concerns and the prospect of higher demand as China relaxes lockdowns set to control the coronavirus pandemic.

Shares of e-commerce giant Shopify Inc (TSX: SHOP) climbed 5.3% as shareholders voted in favor of protecting Chief Executive Officer Tobias Lutke's 40% voting stake.

That helped lift the technology sector by 0.5%, while heavily weighted financials ended 0.3% higher.

Also read: 8 reasons why you can save your retirement income in TFSA

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