Equities in Canada’s largest centre weathered the negative storm Tuesday, brought on by reports of tensions in the Middle East, and actually ended the session with gains, largely on the backs of energy stocks.
The TSX Composite Index gained 33.62 points Tuesday to 24,033.99.
For September, the index rose 2.8%, while it was up 9.7% in the third quarter, as the Bank of Canada cut interest rates three times since June and after the Federal Reserve began its own easing campaign last month.
The Canadian dollar gained 0.18 cents to 74.11 cents U.S.
Of the subgroups taking a beating, tech took the worst, with BlackBerry all black-and-blue 27 cents, or 7.6%, to $3.29, while Bitfarms suffered 19 cents, or 6.7%, to $2.66.
Health-care was tagged, particularly Tilray, sliding 11 cents, or 4.6%, to $2.27, while Chartwell Retirement Residences fell 24 cents, or 1.5%, to $15.34.
In consumer stocks, Aritzia handed over $1.80, or 3.5%, to $49.03, while Canada Goose Holdings fell 34 cents, or 2%, to $16.60.
Energy tried to even things out, as Imperial Oil surged $4.17, or 4.4%, to $99.32, while Suncor took on two dollars, or 4%, to $51.92.
In materials shares, First Majestic Silver scored gains of 25 cents, or 3.1%, to $8.37, while First Quantum Minerals gained 55 cents, or 3%, to $18.99.
Gold also gained, with Aya Gold climbing 35 cents, or 2%, to $17.95, while Equinox Gold moved ahead 12 cents, or 1.5%, to $8.37.
On the economic scene, the seasonally-adjusted S&P Global Canada Manufacturing Purchasing PMI registering 50.4, up from 49.5 in August, edging back above the critical 50.0 no-change mark in September to signal a first improvement in operating conditions since April 2023.
ON BAYSTREET
The TSX Venture Exchange took on 5.97 points, or 1%, to 587.09.
All but three of the 12 TSX subgroups lost ground on the day, weighed most by information technology, down 1.6%, health-care, off 1.2%, and consumer discretionary stocks sliding 0.7%.
The three gainers were led by energy, rumbling 3.2% higher, while gold brightened 1.2%, and materials acquired 0.8%.
ON WALLSTREET
Stocks fell Tuesday as growing tensions in the Middle East poured water on investor enthusiasm coming off a strong quarter.
The Dow Jones Industrial Average weakened 173.18 points Tuesday to 42,156.97.
The S&P 500 index sank 53.73 points to 5,708.75
The NASDAQ Composite swooned 278.81 points, or 1.5%, to 17,910.36.
West Texas Intermediate crude oil spiked after the Israel Defense Forces said Iran was firing missiles at the country.that there are “indications” that Iran is preparing to launch a ballistic missile directly at Israel.
But oil traded off its high of the session and stocks moved off their lows after the Iran attack as traders hoped damage and subsequent Israel retaliation would be minimal.
Tech names felt the brunt of Tuesday’s declines, explaining the NASDAQ’s outsized losses. Tesla, Nvidia and Apple all dropped more than 3%. But Facebook parent Meta bucked this trend, rising near all-time highs.
Traders were also monitoring a strike by members of the International Longshoremen’s Association on the East and Gulf coasts. While consumers may not feel the pinch immediately, the stoppage could cost the U.S. economy hundreds of millions of dollars.
Prices for the 10-year Treasury hiked, lowering yields to 3.74% from Monday’s 3.79%. Treasury prices and yields move in opposite directions.
Oil prices gained $2.22 at $70.39 U.S. a barrel.
Gold prices soared $22.30 to $2,681.70 U.S. an ounce