Mining & Metals
TSX Closer: The Index Sets Fourth Record Close In June With Fourth Straight Win Day
The Toronto Stock Exchange recorded its fourth-straight session win on Tuesday, and with that also posted its second-straight record close, and fourth record finish for June already.The S&P/TSX Composite Index closed up 113.94 points, or 0.3%, to 35,389.58, even with sectors mixed and with only the Battery Metals Index gaining more than 1%, rising 5%. In contrast, Energy was down near 2% amid lower oil prices, and Info Tech was down 1.3%According to FactSet the S&P/TSX going in to today's session was month to date up 1.46% and year to date up 3,562.88 points or 11.23%. Going in to today it was up 1,124.32 points or 3.29% over the prior three trading days.While optimism around strong equity-market fundamentals is likely the main reason for recent gains, investors also appear hopeful upcoming trade discussions between Canada and the United States won't be as bitter and contentious as some market observers fear.With every word on trade coming out of both countries closely examined for clues on what will eventually be agreed upon, Canada's CTV News is reporting Tuesday that as G7 leaders milled around the table ahead of a working lunch at their annual summit on Tuesday, cameras caught Prime Minister Mark Carney in a conversation about trade with U.S. President Trump. It noted Carney is seen leaning over the seated president, talking about Canada's deal with China to allow a limited number of Chinese electric vehicles into the country.According to the report, microphones caught part of the conversation in which the two leaders appear to be talking about the cap Canada has in place to allow up to 49,000 Chinese-made cars into Canada per year. "Less than 3% of our market, 49,000 cars," Carney can be heard telling Trump, before the camera pans to another section of the leaders' table."A cap," Carney can then be heard saying, when he's once again on camera, while making a hand gesture indicating a ceiling.As the president nods intently, Carney adds: "I thought you'd actually like that."Trump then responds: "That's good, I like it."Of commodities, gold was steady midafternoon Tuesday as inflation fears ebbed as oil prices eased after the United States and Iran reached an interim deal to end their war. Gold for July delivery was down US$0.90 to US$4,350.70 per ounce.West Texas Intermediate fell for a fourth-straight session on Tuesday, closing down 5.8% on expectations supply is on the rise as the market anticipates the weekend truce between Iran and the U.S will reopen the Strait of Hormuz and free tankers trapped in the Persian Gulf since the start of the conflict. WTI crude oil for July delivery closed down US$4.70 to settle at US$76.05 per barrel, the lowest since March 4, while August Brent oil was down US$4.46 to US$78.71.
S&P/TSX CompositeS&P/TSX Composite$CXY