(The Toronto Star – Dana Flavelle)
Canadian manufacturers got a piece of good news Tuesday: Purchasing managers’ intentions rose in June, a survey by RBC said.
Combined with reports of stronger U.S. factory orders in May and the prospect of interest rate cuts in the debt-laden eurozone later this week, it was a welcome piece of good news for Canadian investors.
The Toronto Stock Exchange enjoyed its single biggest one day gain so far this year with the TSX/S&P 500 composite index rising 252.19 points to close at 11,848.75. The Toronto market is now down just 0.89% since the start of the year.
The RBC Purchasing Managers Index – considered a leading indicator of future business activity – inched up to 54.8 last month in Canada, its highest level since last September, the bank said. A figure above 50 indicates manufacturing is expanding, while a figure below 50 indicates the sector is contracting. Read more here.
Date: July 5, 2012