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HomeBusiness ReportAFTER THE BELL: Rising oil prices energize TSX, Sell-off of Boeing shares...

AFTER THE BELL: Rising oil prices energize TSX, Sell-off of Boeing shares in wake of Ethiopian Airlines tragedy

The TSX followed oil prices on an upward trajectory today.

Canada’s stock exchange added 110 points as it looks to bounce back from its first losing week of 2019.

Leading the way was a 1.1 percent jump in the influential energy sector as many of the exchange’s energy stocks were in the green, boosted by higher crude prices.

Oil moved up 77 cents to $56.84 US a barrel after OPEC producers said they will continue to cut production until at least June.

According to CNBC, the world’s largest producers, including Saudi Arabia, had pledged to cut 1.2 million barrels per day in crude supply to curb a price drop.

Joining energy in positive territory was every sector except gold, which lost value against a stronger U.S. dollar.

Meanwhile, Barrick Gold abandoned its plans for a hostile takeover offer to buy Newmont Mining Co., but announced today that the two gold mining powerhouses have signed a joint venture combining their respective operations, assets, reserves, and talent in Nevada.

Barrick Gold’s stock rose two percent while Newmont Mining shares were down 0.7 percent.

In New York, it was a positive day on Wall Street with the Dow climbing 200 points and the Nasdaq also stepping into triple-digit territory by jumping 149 points.

The Dow rose despite a huge weight from Boeing, in the the wake of the Ethiopian Airlines crash involving one of the company’s 737 Max 8 jets.

Countries including China, Indonesia, and Ethiopia have grounded Boeing’s 737 Max 8 jets after the tragedy, which claimed 157 lives.

Shares in the industrial bellwether had declined by as much as 12 percent at one point, before paring losses during the day. Boeing was off by 5.3 percent.

Positive retail data coupled with a rally among tech stocks propped up U.S. markets, however, with jumps in Apple and chipmaker Nvidia leading the charge.

Nvidia shot up 6.9 percent today after announcing that it is acquiring fellow chipmaker Mellanox for $6.9 billion.

Gold and the Canadian dollar travelled in different directions. Gold lost $5.90 to $1,293 an ounce while the loonie edged up 14/100ths of a cent to $.07462 US.

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