TSX Continues on March

Stocks in Canada’s largest centre moved to new highs Wednesday, amid strength in energy and other resources.

The TSX Composite Index chugged ahead 67.02 points to close Wednesday at 17,925.36. The index has gained in nine of the last 11 sessions.

The Canadian dollar gained 0.24 cents to 75.66 cents U.S. In the energy sector, MEG Energy triumphed 27 cents, or 3.9%, to $7.19, while Whitecap Resources leaped 27 cents, or 5.2%, to $4.82.

Among gold holdings, Torex Gold collected $1.81, or 9.6%, to $20.68, while Kinross Gold popped 31 cents, or 4.4%, to $7.37.

Among materials, ERO Copper gained 83 cents, or 4.8%, to $18.08, while Hudbay Minerals picked up 15 cents, or 3.7%, to $4.20.

Health-care stocks, however, lost their grip, as Bausch Health Companies took a pasting of $2.38, or 6.4%, to $34.85, while HEXO lost seven cents, or 3.6%, to 1.9%.

In real-estate, units of Dream Industrial REIT docked 19 cents, or 1.3%, to $14.03, while Summit Industrial Income REIT fell 22 cents, or 1.6%, to $13.64.

Communication stocks got rocked as well, with Corus falling eight cents, or 1.6%, to $4.93, while TELUS dipped 45 cents to $53.70.

On the economic beat, Statistics Canada said Wednesday the consumer price index rose 2.4% on a year-over-year basis in January, up from a 2.2% increase in December. On a seasonally-adjusted monthly basis, the CPI rose 0.1% in January.

ON BAYSTREET

The TSX Venture Exchange gained 4.67 points to 581.73.

Seven of the 12 TSX subgroups remained positive on the day, as energy rumbled 2.2% higher, gold improved 1.4%, and materials gained 1%.

The five laggards were weighed most by health-care, down 1.6%, real-estate slide 0.3%, and communications were off 0.2%.

ON WALLSTREET

The S&P 500 and NASDAQ Composite rose to record highs on Wednesday as tech shares outperformed while investors continued to weigh the coronavirus’ impact on the global economy.

The Dow Jones Industrials leaped 115.84 points to end Wednesday’s session at 29,348.03. The S&P 500 surged 15.86 points to 3,386.15.

The tech-heavy NASDAQ jumped 84.44 points to 9,817.18. Apple shares contributed to the gains, trading 1.5% higher.

Tesla, meanwhile, jumped more than 6.5% after an analyst at Piper Sandler hiked his price target on the electric car maker to $928 per share from $729 per share.

In corporate news, Garmin shares shot up more than 6% on the back of better-than-expected earnings. Meanwhile, Groupon plunged more than 40% after the company’s quarterly results badly missed expectations. Groupon also unveiled reverse stock-split proposal.

China’s National Health Commission on Wednesday reported an additional 1,749 cases of the coronavirus nationwide. That’s the lowest number of newly confirmed cases since late January.

Still, the total number of cases has broken above 74,000 while confirmed deaths from the coronavirus are more than 2,000. Cases of the deadly flu-like virus, which originated in the Chinese city of Wuhan, have also been reported in more than two dozen countries around the world. Last month, the World Health Organization (WHO) declared the outbreak a global health emergency.

On the data front, the U.S. Labor Department’s producer price index (PPI) rose by 0.5% in January, marking its biggest one-month increase since October 2018.

The Federal Reserve is also scheduled to publish its meeting minutes from last month’s meeting, when policymakers at the U.S. central bank decided to hold short-term interest rates steady between a range of 1.5% to 1.75%.

Prices for the 10-Year U.S. Treasury fell slightly, raising yields to 1.57% Tuesday’s 1.56%. Treasury prices and yields move in opposite directions.

Oil prices acquired $1.27 to $53.32 U.S. a barrel. Gold prices hiked $11.10 to $1,614.70 U.S. an ounce.

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