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Day of Gains for Equities

NuVista, Canfor in Focus

Equities in Canada’s largest centre dug themselves out of the hole into which they’d fallen much of last week, mostly due to momentum in energy and other resource stocks.

The S&P/TSX Composite leaped 213.06 points, or 1%, to end Tuesday at 20,905.28.

The Canadian dollar acquired 0.23 cents to 77.91 cents U.S.

Energy plays pumped highest to lead the advancing subgroups, with NuVista collecting 80 cents, or 7.4%, to $11.68, while Vermilion Energy hiked $11.78, or 7.1%, to $26.74.

Materials also mounted a charge, with Canfor hiking $1.16, or 4.7%, to $25.96, while Interfor galloped $1.55, or 4.3%, to $38.18.

Among financials, Fairfax Financial Holdings popped $23.15, or 3.5%, to $684.25, while Sprott Inc. took on $1.50, or 2.6%, to $58.28.

Health-care went in the other direction, with Aurora Cannabis trudging 18 cents, or 4.5%, lower to $3.86, while Cronos Group stumbled eight cents, or 2%, to $3.93.

In consumer staples, Metro was bruised $!.40, or 2%, to $68.88. while rival Loblaw lost $2.27, or 2%, to $114.21.

In other consumer ventures, Restaurant Brands International forfeited $2.36, or 3.2%, to $70.97, while Canadian Tire lost $5.13, or 2.9%, to $172.72.


The TSX Venture Exchange gained 2.97 points to 794.65

Eight of the 12 TSX subgroups were higher, with energy racing 3%, materials better by 2.3%, and financials richer by 1.2%.

The four laggards were weighed most by health-care, sagging 0.8%, consumer staples off 0.5%, and consumer discretionaries, flopping 0.3%.


U.S. stocks rose slightly on Tuesday as investors looked forward to a pivotal Federal Reserve decision.

The Dow Jones Industrials gained 67.29 points to 33,128.79.

The S&P 500 gained 20.1 points to 4,175.48.

The NASDAQ Composite improved 27.74 points to 12,563.76.

Those moves come ahead of a widely anticipated Federal Reserve decision on Wednesday.

Wall Street is largely expecting interest rates the central bank to raise rates by 50 basis points this week, while some investors believe expectations of aggressive monetary tightening from the central bank are already priced into markets.

The expected rate hike comes as there are growing concerns about the global economy, due in part to China’s lockdowns and the war in Europe.

Tuesday’s gains were broad in the S&P 500, but led by the energy sector. Exxon Mobil and EOG Resources each rose more than 2%.

Defensive sectors such as health care and utilities also outperformed, with Pfizer gained 2.8% after reporting a stronger-than-expected first quarter.

Financials were another bright spot, with JPMorgan and Morgan Stanley rising more than 2%.

Chegg’s stock price tumbled nearly 30% after the textbook company issued weak guidance for the full year despite exceeding earnings expectations. Expedia docked 13% and Hilton doffed 4%, after their quarterly reports.

On the positive side, shares of Clorox rose more than 4% after the company’s fiscal third quarter results topped expectations.

On the data front, factory orders for March rose 2.2%, better than expected. Job openings came in at 11.5 million, an all-time high.

Treasury prices gained only slightly, with yields falling to 2.98% from Monday’s 2.99%. Treasury prices and yields move in opposite directions.

Oil prices dipped $2.27 to $102.90 U.S. a barrel.

Gold prices recovered from Monday’s beating, picking up $3.40 to $1,867 U.S. an ounce.