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Toronto market rises to 3-week high on peak U.S. dollar hopes

Economy Oct 25, 2022 04:58PM ET
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© Reuters. FILE PHOTO: Monitors display the stock market numbers in the financial district as the number of novel coronavirus cases continues to grow in Toronto, Ontario, Canada March 16, 2020. REUTERS/Carlos Osorio

 
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By Fergal Smith

TORONTO (Reuters) - Canada's main stock index rose on Tuesday to its highest closing level in nearly three weeks as investors welcomed declines for the U.S. dollar and U.S. Treasury yields and helped by big gains for Celestica (NYSE:CLS) Inc and Canopy Growth (NASDAQ:CGC) Corp.

The Toronto Stock Exchange's S&P/TSX composite index ended up 178.61 points, or 0.9%, at 19,097.91, its third straight day of gains and its highest closing level since Oct. 5.

"These small pockets of strength that we are getting in the market right now are justifiable just given how oversold the market was," said Sid Mokhtari, chief market technician at CIBC Capital Markets.

Better-than-expected corporate earnings, a potential peak in the U.S. dollar and signs that the U.S. 10-year yield is in the latter stages of its upward move are also supportive of stocks, Mokhtari said.

Wall Street also ended higher and the greenback fell against a basket of major currencies as soft economic data hinted that the Federal Reserve's aggressive policy is taking effect, while falling Treasury yields boosted the rally's momentum.

Investors have worried that higher borrowing costs will tip some major economies into recession.

Money markets expect the Bank of Canada to raise interest rates by three-quarters of a percentage point on Wednesday to a 14-year high of 4%.

The Toronto market's health care sector rallied 6.3% as shares of cannabis producer Canopy Growth Corp jumped 25.7% on plans to create a holding company to speed up the company's entry into the United States.

Among other major movers was Celestica Inc . Its shares advanced nearly 16% after the electronics company reported third-quarter results that beat analysts' estimates.

The technology sector rose 1.8%, while the materials group, which includes precious and base metals miners and fertilizer companies, added 1.3%.

Toronto market rises to 3-week high on peak U.S. dollar hopes
 

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