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AFTER THE BELL: TSX rises as investors await Central Bank decision, Tesla breaks ground on Shanghai factory

A rise in the industrials and health care sectors fueled Canada’s stock exchange today.

The TSX moved up 77 points ahead of the Bank of Canada’s rate decision on Wednesday.

The Central Bank has raised interest rates five times since the summer of 2017, and the Bank of Canada will measure the nation’s economic growth in making its decision on Jan. 9.

It was a mixed day for Canada’s energy stocks despite a jump in the price of oil, which was up 70 cents to $48.86 US a barrel as investors focused on supply cuts by some of the world’s largest producers along with perceived progress in trade talks between the U.S. and China.

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In New York, the Dow jumped 144 points despite the U.S. government’s partial shutdown dragging into a third week.

The index is still riding the wave of stronger-than-expected job numbers released on Friday, and trade talks chugging along between the U.S. and China.

Spearheaded by a 7.6 percent jump in toy maker Mattel, gains in the consumer sector helped factor into a positive day on Wall Street.

The Nasdaq also moved up 84 points led by gains of four percent or more from Micron, Netflix, and Tesla.

Tesla has broken ground on its plant in Shanghai. When built, it will be the first Tesla factory outside of the U.S.

The company’s CEO Elon Musk said on Twitter that only “affordable versions of the Model 3 and Model Y” will be produced at the factory.

China is home to the biggest electric vehicle market in the world.

Meanwhile, a weakening greenback and a jump in oil prices lifted the loonie to a four-week high.

The Canadian dollar was up by 45/100ths of a cent to $0.7520 US while gold was $4.20 higher to $1,290 an ounce.

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