July 9(Reuters) – Canada’s commodity-linked main stock index ticked higher on Thursday as higher gold prices boosted miners, while investors were cautious over renewed tensions between the U.S. and Iran.
The Toronto Stock Exchange’s S&P/TSX Composite index rose 0.73% to 35,193.92 points by 10:31 a.m. ET. The benchmark logged its biggest percentage drop in over a month on Wednesday.
o Oil prices fell slightly after surging in the previous session as traders weighed the impact of renewed hostilities in the Middle East. [O/R]
o Canada’s energy index dropped 0.8% as Brent crude futures dipped 1% to $77.23 per barrel and West Texas Intermediate crude eased 1.2% to $72.64 per barrel.
o Gold advanced on an easing dollar and as traders flocked to the precious metal, which is seen as a safe-haven asset in times of uncertainty. Spot gold was up 1.1%, while silver surged 3.2%.[GOL/]
o The materials index, which includes metal miners, rose 2.5% and was among the top sectoral gainers, bouncing from a seven-month low.
o First Majestic Silver Corp added 8.7%, leading gains in the main TSX index, while DPM Metals and Endeavour Silver rose 7.5% and 6.4%, respectively.
o Investors are awaiting Canada’s June jobs report on Friday for insights on the health of the economy and the Bank of Canada’s monetary policy path.
o “Part of what they’ll be considering for their next meeting is whether there is going to be an adjustment to rates,” said Matthew Kempton, portfolio manager at Verecan Capital Management.
o Kempton said the jobs report will be closely watched in determining the rate path, particularly if inflation pressures show up through wage growth.
o Traders largely expect the central bank to keep interest rates on hold for the rest of the year, LSEG-compiled data showed. Its next policy decision is scheduled for July 15.
o In company news, Triple Flag rose 1.9% after the precious-metals streamer reported preliminary second-quarter revenue of $129.2 million, up from a year earlier.
o Intact Financial dipped 1% as the insurer forecast C$416 million ($293 million) of catastrophe losses for the second quarter of 2026, pre-tax and net of reinsurance.
(Reporting by Sudeshna Ghoshal in Bengaluru; Editing by Shreya Biswas)
By Sudeshna Ghoshal
Source: Original Article
