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CANADA STOCKS-Toronto market ends higher as commodity prices rally
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CANADA STOCKS-Toronto market ends higher as commodity prices rally
Jun 18, 2024 1:46 PM

*

TSX ends up 0.1% at 21,611.30

*

Energy rallies 1.6%; oil settles 1.5% higher

*

Ballard Power ( BLDP ) up on technology partnership

*

Materials group adds 0.7%

(Updates at market close)

By Fergal Smith

June 18 (Reuters) - Canada's main stock index ended a

three-day losing streak on Tuesday as higher commodity prices

boosted resource shares, but the gain was modest with investors

weighing U.S. retail sales data that fell short of expectations.

The S&P/TSX ended up 23.42 points, or 0.1%, at

21,611.30, after it posted on Monday its lowest closing level in

three months.

U.S. retail sales barely rose in May and data for the prior

month was revised considerably lower, suggesting that economic

activity remained lackluster in the second quarter. Canada sends

about 75% of its exports to the United States.

The data disappointed, "adding to the evidence of a slowing

U.S. economy," Colin Cieszynski, chief market strategist at SIA

Wealth Management, said in a note.

The energy sector rallied 1.6% as the price of oil

extended its recent gains, settling 1.5% higher at $81.57

a barrel, on escalating tensions in Europe and the Middle East.

Ballard Power Systems ( BLDP ) jumped 6.8% after the fuel

cell manufacturer announced a technology partnership with

packaging firm Vertiv ( VRT ).

The materials group, which includes metal miners

and fertilizer companies, added 0.7% as gold and copper prices

rose.

Information technology was a drag, slipping 1.1%,

with Lightspeed Commerce Inc ( LSPD ) ending 5.5% lower.

Industrials and real estate both lost 0.5%.

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