Update: TSX Range Bound Tuesday, Ends Little Changed, Boosted by Cannabis Stocks
Canada's main stock market was range-bound Tuesday, managing only slight gains as Fed Chairman Powell took centre stage. Powell did not surprise as he reiterated the Fed's patience and data dependence. The S&P/TSX Composite Index was up 10 points or 0.1% to close at 16,067. The TSX gained 44 points Monday and is still outperforming for the year, up more than 12%. U.S. markets were also little changed today, with the Dow Jones losing 33 points while the Nasdaq and S&P 500 were close to flat, leaning slightly to negative.
On the TSX, healthcare led advancers as cannabis stocks advanced. Consumer staples gained 0.8% while utilities were up 0.6%. Financials were flat as two more big banks released earnings to a mixed reception. Energy was up 0.1% with oil prices up just two pennies to US$55.50 per barrel. Materials shed 0.6% as gold and silver posted mild losses.
In stock news , Bank of Nova Scotia (BNS.TO) raised its dividend by 2 pennies today as it posted a dip in first-quarter profit. BNS shares were off 3%. Bank of Montreal (BNO.TO) was up 2% after posting a jump in first-quarter profit, as it also announced plans to buy back up to 15 million shares. Husky Energy (HSE.TO) was down 7% after reporting a steep drop in quarterly profits. Heavily traded Aurora Cannabis (ACB.TO) added 6% while NexGen Energy (NXE.TO) fell 3%. Aphria (APHA.TO) rose 6%.
There were no economic reports today in Canada. The data flow resumes Wednesday with January CPI followed by Q4 GDP on Friday.
The Canadian dollar gained about a tenth of a cent to 75.92 US.
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