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It was perhaps only a matter of time, but the TSX Composite Index finally rebounded and gained almost one per cent to take it over the mark it began 2022 on. Most of the major sectors saw significant gains Tuesday, January 11.
Energy was up 3.3 per cent and base metals 2.6 per cent. Healthcare continued its rise, growing 2.3 per cent and financials recovered 1.3 per cent. The S&P/TSX Capped Health Care Index has ballooned 5.6 per cent in the last three trading days, boosted by marijuana stocks.
The technology sector, which has been lagging for quite some time now, also saw a turnaround, recovering 1.3 per cent. Tuesday saw the index grow 202.49 points to 21,274.81. Lithium Americas Corp was the day’s biggest gainer, rising 13 per cent.
One-year price chart (January 11). Analysis by © 2022 Kalkine Media®
Volume actives
Crescent Point Energy Corp saw 16 million shares traded, making it the most active stock. It was followed by Talon Metals Corp that saw 12.4 million shares switch hands, and Toronto-Dominion Bank saw 10.3 million shares traded. All three posted gains with Talon Metals spiking almost 17 per cent.
Movers and laggards
Wall Street update
The Fed’s Reserve Chair Jerome Powell took a measured tone while appearing at a congressional hearing in lieu of his confirmation for a second term. He reinforced that tackling inflation is critical but said it would not be at the cost of job growth.
Wall Street responded positively to the clearing of uncertainty. The Dow gained 183.15 points, 0.51 per cent, to 36,252.02 points, while the S&P 500 was up 42.78 points, 0.92 per cent, to 4,713.07 points. The Nasdaq benchmark jumped 210.62 points, 1.41 per cent, to 15,153.45.
Commodities update
Gold gained 1.1 per cent to US$ 1,818.50. Brent oil prices spiked 3.52 per cent to US$ 83.72/bbl. Crude oil was up 3.82 per cent to US$ 81.22/bbl.
Currency news
The loonie posted a 0.82 per cent gain Tuesday while USD/CAD ended at 1.2574. The US Dollar Index was at 95.62 against the basket of major currencies, down 0.38 per cent.
Money market
The US 10-year bond yield lost 0.5 per cent to 1.746 and the Canada 10-year bond yield was down 0.87 per cent to 1.703.
