Oil rises in mixed trading
A modest recovery in crude oil prices helped lift the TSX by 0.3% Tuesday though sectors were mixed between red and green. Materials as well as energy rallied while consumer staples lagged.
Major movers included Teck Resources jumping 7.77%, Barrick Gold up 3.06%, TC Energy at -6.37%, Saputo sliding nearly 6% after one firm accused it of overpaying some acquisitions, and the Bank of Nova Scotia shedding 2.5% after reporting a mixed quarter. WTI crude rose 1.65% to $78.50. Bullish investors see ongoing street demonstrations in China eventually leading to Beijing adjusting its failed zero-Covid policy and opening up the economy.
The picture was more mixed on Wall Street, driven in part by this sentiment. The S&P closed -0.16%, the Nasdaq -0.59% and the Dow was flat. China’s woes continued to pressure Apple which declined 2.11%. Amazon also lost 1.63% though cruise liners Carnival popped 4.61% and Norwegian 4.15%. Meanwhile, Freeport McMoRan rallied 3.65%. The U.S. 10-year inched up to 3.748% while Bitcoin added 1.6% to $16,500.
⛏ Teck Resources Ltd. (B) (TECK.B-T) +7.77%
🥇 Barrick Gold (ABX-T) +3.06%
🛢 TC Energy (TRP-T) -6.37%
🥫 Saputo Inc. (SAP-T) -6%
🏛 Bank of Nova Scotia (BNS-T) -2.5%
🍎 Apple (AAPL-Q) -2.11%
📦 Amazon.com (AMZN-Q) -1.63%
🚢 Carnival Corp. (CCL-N) +4.61%
🚢 Norwegian Cruise Line Holdings (NCLH-N) +4.15%
⛏ Freeport McMoran Copper & Gold (FCX-N) +3.65%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) +1.6%