Markets

TSX Closes Up For A Third Straight Day; News That StatsCan Will Correct July Jobs Data of Interest

Canada's main stock market, the Toronto Stock Exchange, made it a hat trick of gains Tuesday, although today it only returned to positive territory inside the last 30 minutes after spending much of the second half of the day below par. It closed up 12.5 points at 15,275 having touched a day low near 15,230 with around 90 minutes of trading left. Leading to that day low, the resources heavy index had slumped from an early day high near 15,320.

It's unclear whether the return to buying was in any way related to news around 2pm ET that Statistics Canada has detected an error in its July jobs data released last Friday. It will issue a correct set of numbers this Friday. There are no clues as to what exactly the problem is, or whether this will lead to a positive revision on weaker than expected numbers. Canadian bonds extended losses and the loonie gained on the news.

Brent crude hit its lowest levels in 13 months after the International Energy Agency forecast a slowdown in demand this year and next and estimated that output from the Organization of Petroleum Exporting Countries jumped 300,000 barrels a day in July to a five-month high of 30.44 million a day. West Texas Intermediate was also lower.

Gold prices lost modest early gains and ended the U.S. day session little changed in lacklustre trade.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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