
By Ketki Saxena
Investing.com -- Canada’s main stock index, the S&P/TSX Composite tracked the S&P500 and Nasdaq higher by afternoon trading, as the Wall Street indices were boosted by megacaps and chip stocks.
The Dow meanwhile was pressured by Boeing (NYSE:BA) shares, as the U.S. Federal Aviation Administration (FAA) ordered the grounding of some jets.
Gains on the commodity heavy Canadian index were capped by losses in the energy sector, as crude prices fell following price cuts by Saudi Arabia, and a rise in OPEC output.
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Transat Inc (TSX:TRZ) shares rose after the carrier reached an agreement over a new labour contract with the Canadian Union of Public Employees.
Barrick Gold (NYSE:GOLD) received an upgrade from Bernstein to outperform, saying it is well poised to benefit from rising gold prices as rate cuts loom on the horizon.
Algonquin Power (TSX:AQN) received an upgrade from BMO (TSX:BMO), and a place on its Top 5 best Idea Roster.
Morguard Corporation (TSX:MRC) announced it signed a deal to sell a portfolio of 14 hotels including Marriott, Hilton, and IHG hotels for $410 million as it focuses on its core real estate investments.
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