TSX Grabs Meagre Gains

Canaccord in Focus

Canada's main stock index opened on a subdued note on Tuesday, gains weighed down by energy stocks on declining crude oil prices, while investors waited to see if the Bank of Canada will hold or hike interest rate in its June meeting.

The TSX obtained 27.22 points to kick off Tuesday’s session at 19,958.84.

The Canadian dollar regained 0.1 cents to 74.45 cents U.S.

BoC is expected to keep its key interest rate on hold at 4.5% for the rest of this year, according to a Reuters poll of economists, who said the risk of one more rate hike was high. The decision is expected on Wednesday.

Among individual companies, TD Securities upgraded investment firm Canaccord Genuity Group to "buy" from "hold" rating. Canaccord shares marched ahead eight cents to $9.18.

On the economic calendar, Statistics Canada reported the total monthly value of building permits in Canada declined 18.8% to $9.6 billion in April.

Also, the IVEY PMI plummeted to 53.5 in May from April's 56.8, and significantly lower than the 61.9 figure in May 2022.


The TSX Venture Exchange dropped 2.33 points to 607.56.

The 12 TSX subgroups were split down the middle during the first hour, with information technology up 0.7%, while financials were richer by 0.6%, and communications gained 0.3%.

The half-dozen laggards were weighed fiercely by health-care, slumping 3.6%, utilities, down 0.5%, and energy, 0.4% less energetic.


Stocks were near flat Tuesday as Wall Street digested a recent rally that led the S&P 500 to its highest level in nine months.

The Dow Jones Industrials dipped 1.09 points to 33,561.77.

The much-broader S&P 500 peeped higher 3.6 points to 4,277.39.

The tech-heavy NASDAQ index picked up 14.81 points to 13,244.24.

Consumer staples and health care stocks weighed on the S&P 500, with each sector losing 0.5%. Cisco Systems, McDonald’s and UnitedHealth all dipped around 1.8% each, dragging the Dow.

Apple shares dipped 1% a day after the tech giant debuted its highly anticipated virtual reality headset as well as new software at its annual Worldwide Developer Conference on Monday. In the previous session, the stock hit an all-time high ahead of the announcement.

Coinbase dropped more than 15% after the Securities and Exchange Commission sued the crypto company. The SEC alleged Coinbase was acting as an unregistered broker and exchange. Bitcoin rose more than 1%.

Prices for the 10-year Treasury, sank, raising yields to 3.72% from Monday’s 3.69%. Treasury prices and yields move in opposite directions.

Oil prices subtracted 64 cents to $71.51 U.S. a barrel.

Gold prices gained $3.20 to $1,977/50 U.S. an ounce.