Forex
TSX Edges Higher Despite Barrick Mining's Plunge and Gold Price Slump
Canada's main stock index, the TSX Composite Index, edged higher on Monday by 36.92 points or 0.1% to reach 36,418.15. However, this gain was largely attributed to losses in Barrick Mining, which plummeted over 8% after missing quarterly profit estimates.
The materials sector fell 2%, weighed down by gold prices that slipped due to a firmer US dollar. Energy shares gained 2.7% following a 2% jump in oil prices, as Iran insisted the US must meet certain demands before the Strait of Hormuz can reopen.
According to Angelo Kourkafas, senior global investment strategist at Edward Jones Investments, 'A lot of what is going to determine the direction for stocks this week is going to be the U.S. inflation data.'