The S&P/TSX Composite Index recovered today after falling on Wednesday to its lowest since September. At 2:56 pm ET the index was up just over 1 per cent or 228.04 points.
Wednesday’s lows coincided with the release of the Bank of Canada’s Monetary Policy Report, which indicated that uncertainty surrounding the pandemic could result in higher-than-expected inflation moving forward.
Other factors that the BoC listed as affecting inflation are stronger household spending in Canada, supply chain bottlenecks, and global financial pressures.
The TSX Venture Exchange also fell on Wednesday after reaching its highest rate since July on Monday. Today, the TSXV Composite Index is up 7.58 points.
Energy stocks are up 1.6 per cent as shares in Suncor Energy jumped 13.04 per cent, a day after the oil and gas company increased its dividend by 100 per cent. Suncor also released strong third quarter results on Wednesday, encouraging shareholders that the company could be on its way to pre-pandemic share prices.
Market movers
Shopify (TSX:SHOP) released its third quarter results today, resulting in a gain of 7.04 per cent.
PyroGenesis (TSX:PYR) was up 8.58 per cent this afternoon after announcing that it has signed another agreement with a public water systems company to install its plasma-based thermal process equipment.
Sprout AI (CSE:SPRT) again addressed recent trading volatility, which it has identified may be the result of confusion with a NADAQ-listed company with the same ticker symbol. Sprout has requested a change to its CSE ticker and assured shareholders that it continues to monitor the situation.
Companies that have announced recent capital raises include:
Appia, an exploration and development company in the uranium and rare earth elements sectors, looking to raise 6 million dollars in a private placement.
Three Valley Copper, a Canadian-based mining company that has announced a bought deal offering of units for proceeds of 10 million dollars.
Newfoundland Discovery, a junior mining exploration company that has arranged a 1.5 million dollar private placement.
