Saturday, 23 October 2021 02:48 GMT

TSX Resumes Gaining with Triple-Digit Hikes


(MENAFN- Baystreet.ca) TSX Resumes Gaining with Triple-Digit Hikes
Aritzia, Wesdome Big Winners









Stocks in Toronto continued on their upward path, powered by gains in the energy and consumer fields.
The TSX Composite leaped 201.47 points, or 1%, to finish Thursday at 20,819.94
The Canadian dollar climbed 0.42 cents to 80.81 cents U.S.
Energy stocks led the charge, as Enerplus, taking on 57 cents, or 5.2%, to $11.47, while MEG Energy moved ahead 51 cents, or 5%, to $10.78.
Among consumer discretionary stocks, Aritzia jetted $6.75, or 16.7%, to $47.29, while Spin Master took on $1.83, or 4.4%, to $43.53.
In the gold sector, Torex Gold Resources took on 45 cents, or 3.3%, to $14.11, while Wesdome picked up 34 cents, or 4.4%, to $43.53.
The only losing group was in consumer staples, where SunOpta ditched 39 cents, or 3.6%, to $10.43, while Premium Brands Holdings lost 96 cents to $133.79.
On the economic schedule, Statistics Canada reported manufacturing sales rose 0.5% to $60.3 billion in August on higher sales of petroleum and coal, chemicals and primary metals.
ON BAYSTREET
The TSX Venture Exchange gained 6.84 points to 925.43.
All but one of the 12 TSX subgroups gained ground, as energy soared 2.3%, consumer discretionary advanced 1.6%, and gold shone brighter 1.4%.
Consumer staples retreated 0.1%.
ON WALLSTREET
U.S. stocks rallied Thursday after better-than-expected earnings reports from Walgreens Boots Alliance, UnitedHealth, Bank of America and other major companies.
The Dow Jones Industrials flew 534.75 points, or 1.6%, to 34,912.56.
The S&P 500 jumped 74.76 points, or 1.7%, to 4,438.26.
The NASDAQ Composite rumbled 251.79 points, or 1.7%, to 14,823.43.
The three averages are now on track to close the week higher, with the S&P 500 and the Dow roughly 2% off their record highs and the NASDAQ about 4% behind.
Third-quarter earnings season continued Thursday with several big banks and Dow members reporting financial results before the bell.
Walgreens was the top performer in the Dow and S&P 500, rallying 7.4% after the drugstore chain beat earnings expectations. The company announced it would become majority owner of primary-care company VillageMD with a $5.2 billion investment and make health care its growth engine.
Dow constituent UnitedHealth also popped 4.2% after the company's quarterly results topped estimates.
Bank of America, Morgan Stanley and Citigroup saw their shares rise 4.5%, 2.5% and 0.8% respectively, after beating earnings expectations. Wells Fargo shares declined 1.6% despite an earnings beat.
Meanwhile, falling rates boosted technology stocks. The benchmark U.S. 10-year Treasury yield dipped, typically benefiting high-growth names as lower rates lift the value of companies' future earnings.
Big Tech stocks Microsoft, Apple and Google-parent Alphabet each gained at least 2%, providing the market with support.
Caterpillar was among the Dow's biggest gainers after Cowen initiated coverage of the equipment maker with an outperform rating. UPS rose after an upgrade from Stifel, which cited upcoming holiday demand.
A lower-than-anticipated number of weekly jobless claims added to the positive market sentiment. Initial unemployment insurance claims last week totaled 293,000 – the first time the tally fell below the 300,000 level during the pandemic-era.
September's producer price index was lighter than expected, also helping sentiment. Wholesale prices rose 0.5% from the month prior versus the 0.6% Dow Jones estimate.
Prices for 10-year Treasurys gained, lowering yields to 1.51% from Wednesday's 1.54%. Treasury prices and yields move in opposite directions.
Oil prices regrouped 99 cents to $81.43 U.S. a barrel.
Gold prices added $3.70 to $1,798.40 U.S. an ounce.









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