Canada’s main stock index opened higher on Wednesday, buoyed by upbeat market sentiment after Republican Donald Trump was reelected U.S. president.
The TSX ditched 54.59 points to open Wednesday at 24,333.31.
The Canadian dollar slid 0.59 cents to 71.70 cents U.S.
Trump won the election after defeating Vice President Kamala Harris, making a comeback after being voted out of the White House in 2020.
The win will potentially impact the global economy and markets, especially Canada, the United States’ biggest trading partner.
In corporate news, metals recycler and battery materials producer Umicore will pause the construction of a battery materials plant in Canada.
On the economic scale, the IVEY PMI registered at 52 in October, down from the 53.1 figure in September. and was below the 53.4 number for October 2023.
ON BAYSTREET
The TSX Venture Exchange lost 6.53 points, or 1.1%, to 597.19.
Eight of the 12 TSX subgroups were negative in the first hour Wednesday, with gold down 3.4%, materials sliding 3.3%, and health-care off 3.2%.
The four gainers were led by information technology, up 1.5%, financials, better by 0.6%, and energy, ahead 0.3%.
ON WALLSTREET
Stocks rallied Wednesday, with major benchmarks hitting record highs, as Donald Trump won the 2024 presidential election.
The Dow Jones Industrials popped 1,344.83 points, or 3.2%, to 43,566.71. The last time the blue-chip Dow jumped more than 1,000 points in a single day was in November 2022
The S&P 500 index surged 114.57 points, or 2%, to 5,897.33.
The NASDAQ gathered 424.52 points, or 2.4%, to 18,863.69.
News outlets projected that Trump defeated his Democratic rival, Kamala Harris, after winning 276 Electoral College votes, including key swing states of Pennsylvania, North Carolina and Georgia
Investments seen as beneficiaries under a Trump presidency erupted as the former president appeared set to claim victory. Tesla, whose CEO Elon Musk is a prominent backer of Trump, saw shares surge 14%. Bank shares got a boost with JPMorgan Chase, Bank of America and Wells Fargo all jumping at least 6%.
Prices for the 10-year Treasury tumbled, lifting yields to 4.45% from Tuesday’s 4.29%. Treasury prices and yields move in opposite directions.
Oil prices dipped 23 cents to $71.76 U.S. a barrel.
Prices for gold stumbled $76.20 an ounce to $2,673.50 U.S.