What’s going on here?
Canada’s main stock index, the S&P/TSX composite index, reached an all-time high of 23,623.63 points, buoyed by gains in healthcare, financials, and energy sectors.
What does this mean?
The healthcare sector led the charge with a nearly 1% rise, while the financials and energy sectors climbed 0.4% and 0.35%, respectively. Shares of Bausch Health Companies surged 6.7% after reports that its unit, Bausch + Lomb, is exploring sale options. Meanwhile, the odds of a 50-basis-point interest rate cut by the US Federal Reserve surged to 63%, up from 30% last week, according to CME’s FedWatch tool. Such a cut could boost the resource-heavy Canadian market, as noted by an advisor from Allan Small Financial Group. Additionally, Canadian factory sales rose by 1.4% in June, driven by higher sales of petroleum, coal, and chemical products. West Texas Intermediate crude futures rose 2.51%, and Brent crude gained 1.98%.
Why…
