Equities in Toronto extended their record winning streak on Tuesday due to gains in energy and mining stocks after China’s monetary stimulus boosted commodity prices globally.
The TSX Composite Index gained 60.84 points to greet Tuesday afternoon at 23,955.55, and was set to log its fourth straight session of record closing highs.
The Canadian dollar advanced 0.33 cents to 74.24 cents U.S.
The TSX has risen 14.4% this year with notable gains through last week after an oversized interest-rate cut in the United States.
Looking ahead, domestic investors will listen to the Bank of Canada Governor Tiff Macklem’s speech at 01:10 p.m. ET for possible clues on the central bank’s policy outlook.
In corporate news, Cineplex has been ordered to pay nearly $39 million after the Competition Tribunal found that the cinema operator engaged in deceptive marketing. Cineplex shares lost 35 cents, or 3.2%, to $10.60.
ON BAYSTREET
The TSX Venture Exchange added 6.48 points, or 1.1%, to 594.68.
Eight of the 12 TSX subgroups gained ground, led by materials, advancing 1.7%, energy stocks, up 1.2%, and gold, better by 1%.
The four laggards were weighed most by communications, down 0.5%, information technology, fading 0.4%, and consumer staples, off 0.2%.
ON WALLSTREET
The S&P 500 and Dow Jones Industrial Average pulled back from record levels Tuesday following the release of disappointing consumer confidence data.
The blue-chip index gained 17.09 points to 42,141.74, still, another record high.
The much-broader index recovered 12.16 points to 5,730.73.
The NASDAQ Composite sprang back up 108.51 points to 18,082.75.
Despite Tuesday’s moves, the major averages were headed for solid monthly gains. The Dow was up 1.4% in September. The S&P 500 is up 1%, and NASDAQ has risen 1.2%. Some of those gains come as investors grow hopeful that lower rates from the Federal Reserve will drive economic growth and boost profits.
Visa dropped nearly 4% following a Bloomberg report that the Justice Department is preparing to file an antitrust lawsuit against the credit card network and payments processor.
Smartsheet shares surged more than 6% after Blackstone and Vista Equity Partners agreed to buy the software maker for $56.50 a share in cash, or about $8.4 billion. Unless another offer is made, the deal is expected to close by January 2025, pending shareholder approval.
Consumer confidence fell to the lowest level in more than three years for September, the Conference Board said on Tuesday. The Board’s Consumer Confidence Index pulled back to 98.7 for the month, down from 105.6 in August and below the 104 Dow Jones consensus estimate.
The data follows a warning from JPMorgan Chase CEO Jamie Dimon about geopolitical instability “getting worse” and being his “biggest caution.” Dimon added that the worrisome backdrop could influence “the state of the economy” moving forward.
Prices for the 10-year Treasury were unchanged, leaving yields at Monday’s 3.75%.
Oil prices forged higher $1.11 at $71.48 U.S. a barrel.
Gold prices hiked $15.20 to $2,667.70 U.S. an ounce