Canadian Stocks Post Modest Gains Buoyed by Higher Oil, Gold Prices

Luzi Ann Santos wrote a column · Mar 12, 2024 05:06

Canada's stock market reversed earlier losses to close higher as crude oil and gold held on to gains, boosting the investment appeal of commodity suppliers.

The $S&P/TSX Composite Index (.SPTSX.CA)$ closed 0.2% higher at 21,769.22 after declining as much as 0.5% earlier. The $S&P/TSX 60 Index (.TX60.CA)$ gained 0.,2% to 1,313.84.

Metals and mining stocks were the biggest gainers among Canadian stocks, rising 0.8%. That's followed by oil and gas, which posted a 0.45% advance, while banks increased 0.3%. Insurance stocks rose 0.2%, while asset management equities added 0.09%.

Canadian Stocks Post Modest Gains Buoyed by Higher Oil, Gold Prices

$Equinox Gold Corp (EQX.CA)$ gained 4.7%, while $Kinross Gold (KGC.US)$ advanced 3.9%. $Canadian Natural Resources Ltd (CNQ.CA)$ added 0.6% and $Enbridge Inc (ENB.CA)$ closed 0.4% higher. Of the Canadian stocks tracked by Moomoo, 877 fell while 832 gained.

$Royal Bank of Canada (RY.CA)$ and $The Toronto-Dominion Bank (TD.CA)$ gained less than 1%, while $Shopify Inc (SHOP.CA)$ slipped 1.7%.

Stocks in Canada and its neighbor, the US, struggled for direction as investors await the release of the latest consumer price index that may provide some clues on the timing of the Federal Reserve's interest rate cuts.

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