Listen Live
HomeBusiness ReportAFTER THE BELL: Rise in materials sector helps push TSX into green,...

AFTER THE BELL: Rise in materials sector helps push TSX into green, encouraging Trump tweet lifts Dow

The TSX rose today, boosted by huge gains in the materials sector.

With eight of 11 major sectors in the green, Canada’s stock exchange finished 122 points higher with materials jumping nearly four percent, mirroring a boost in the price of gold.

Investors flocked to gold today as the greenback weakened. The yellow metal skyrocketed, up $19.90 to $1,234 an ounce.

A dip in the U.S. dollar also helped the loonie strengthen nearly half a cent, moving 40/100ths of a cent higher to $0.7641 US.

- Advertisement -

Another boost to the TSX was a 113 percent rise in the share price of Mason Resources, after the Canadian copper mining company was acquired by Hudbay Minerals Inc.

Under the arrangement, Mason shareholders will receive 40 cents  for each Mason common share they own.

Mason Resources was the fourth most heavily traded company on the TSX today.

In New York, optimism over easing U.S./China trade relations pushed the Dow 264 points higher.

U.S. President Donald Trump tweeted today that he “had a long and very good conversation with President Xi Jinping of China,” adding that the two leaders “talked about many subjects, with a heavy emphasis on trade.”

U.S. bellwethers Boeing, Caterpillar, Intel, Apple, Home Depot, and Apple all finished in the green today.

It was also a good day on the Nasdaq which rose 128 points, led by a 5.5 percent rise in Micron Tech, which was the most actively traded company on the index.

Meanwhile, oil prices continue to sink, down $1.83 to $63.48 US a barrel.

Oil was pulled lower by rising global supply and a sixth consecutive week of U.S. domestic stockpiles.

According to CNBC, October marked oil’s worst monthly performance since July 2016.

- Advertisment -
- Advertisment -
- Advertisement -

Continue Reading