Oil and TSX climb as Wall St. mixed
Oil rose Thursday after the IEA hiked its demand growth forecast for 2022. WTI added 2.4% to $94 while WCS jumped 3.5% to $74. Oil as well as consumer staples helped lift the TSX by 0.53% to close just shy of 20,000, though it broke that level during the session. Industrials lagged.
Big gainers on the TSX were Linamar by 10.62%, Bausch Health by 9.7%, Cenovus at 7.19%, Baytex 6.82% and Suncor up 3.25% in heavy trading. Losing ground were cannabis names including Tilray, down 5%, and Canadian Tire which slipped 4.6% after a disappointing quarter.
The picture was more mixed on Wall Street, after days of strong gains. The S&P was slightly down while the Dow was slightly up, though it’s fair to say these indices closed flat. In contrast, the Nasdaq finished -0.58%. Disney grabbed headlines for its beat in both streaming and theme parks. The House of the Mouse rallied 4.66%. Otherwise, oil dominated as Devon popped 7.24% and Marathon jumped 7.3%. Also rallying were Bath & Body Works by 5% and Bank of America up 2.3%. In contrast, big pharma hiccuped as Pfizer closed -3.38% and Regeneron -2.67%. Finally, the U.S. 10-year yield rose to 2.89% as Bitcoin added 1% to $24,000.
🚗 Linamar Corp (LNR-T) +10.62%
👨⚕️ Bausch Health Companies Inc. (BHC-T) +9.7%
🛢 Cenovus Energy (CVE-T) +7.19%
🛢 Baytex Energy Corp (BTE-T) +6.82%
🛢 Suncor Energy Inc (SU-T) +3.25%
🌿 Tilray Inc. (TLRY-Q) -5%
🛒 Canadian Tire Corporation Ltd (CTC-T) -4.6%
👸 Walt Disney Co. (DIS-N) +4.66%
🛢 Devon Energy Corp (DVN-N) +7.24%
🛢 Marathon Oil (MRO-N) +7.3%
👞 Bath & Body Works (BBWI-N) +5%
🏛 Bank of America (BAC-N) +2.3%
💉 Pfizer Inc (PFE-N) -3.38%
💊 Regeneron Pharmaceuticals Inc (REGN-Q) -2.67%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) +1%
