TSX Keeps Win Streak, Achieves Yet Another Record| MENAFN.COM

Sunday, 02 October 2022 05:39 GMT

TSX Keeps Win Streak, Achieves Yet Another Record

(MENAFN- Baystreet.ca) TSX Keeps Win Streak, Achieves Yet Another Record
Restaurant Brands takes it on Chin

Canada's main stock index hit another record high on Monday as energy stocks rose on higher oil prices, but expectations that the Bank of Canada could strike a hawkish note in its upcoming policy announcement kept gains in check.
The TSX Composite hiked 68.69 points to close Monday at 21,284.84.
The Canadian dollar subsided 0.08 cents to 80.74 cents U.S.
Imperial Oil led energy concerns into the stratosphere, gaining $1.50, or 3.5%, to $44.66, while Whitecap Resources climbed 39 cents, or 5%, to $7.99.
In other resources, Pretium jumped 87 cents, or 6.2%, to $14.86, while Osisko Mining advanced 16 cents, or 6.2%, to $2.73.
And in gold, Equinox Gold climbed 36 cents, or 3.8%, to $9.96, while New Gold hopped eight cents, or 4.6%, to $1.83.
Communications got battered today, with Rogers crumbling $3.42, or 5.7%, to $56.59, while Shaw lost 82 cents, or 2.3%, to $34.77.
Restaurant Brands International fell $3.70, or 4.8%, to $72.89 after missing quarterly revenue estimates as Burger King and Tim Hortons struggled with a staffing crunch and the Delta variant keeping coffee-loving office workers at home.
Elsewhere in discretionary stocks, Sleep Country faded 79 cents, or 2.2%, to $34.68.
Canadian National Railway docked $2.09, or 1.2%, to $165.44, while Canadian Pacific Railways fell $1.18, or 1.3%, to $92.98.
The TSX Venture Exchange grabbed 15.09 points, or 1.5%, to 963.93
All but three of the 12 TSX subgroups were gainers, as energy pumped 1.9% higher, materials muscled up 1.5%, and gold brightened 1.3%.
The three laggards were communications, down 1.6%, consumer discretionary stocks, off 0.5%, and industrials, sliding 0.4%.
U.S. stocks rose to record highs on Monday as investors prepared for a major week of earnings from heavyweight tech companies.
The Dow Jones Industrials gained 64.13 points to 35,741.15,
The S&P 500 marched ahead 21.58 points to 4,566.48, for its own record high.
The NASDAQ Composite sprinted 136.51 points to 15.226.71, buoyed by a historic day for Tesla.
The electric vehicle pioneer, which reported record revenue and profits last week, gained more than 12% and saw its market cap surpass $1 trillion after Morgan Stanley hiked its price target on the shares to $1,200 from $900. Rental car company Hertz also announced that it would order 100,000 Tesla vehicles.
The sharp move for the stock helped the market start the week off strong ahead of a busy week of earnings. Tech giants Alphabet, Microsoft, Amazon and Apple are set to report this week, along with Dow components Caterpillar, Coca-Cola, Boeing and McDonald's.
Shares of Facebook rose 1.3% after sliding in morning trading. Apple also erased early losses to close nearly flat, while Amazon and Microsoft dipped less than 1%.
Energy stocks were an area of strength for the market on Monday as West Texas Intermediate crude futures touched $85 per barrel. Shares of Exxon Mobil rose nearly 2%, while Chevron rose 0.9%.
Wall Street entered Monday following a winning week on the back of strong corporate earnings. The blue-chip Dow gained more than 1% last week and closed Friday at a record. The S&P 500 rallied 1.7% last week, also posting its third straight positive week and hitting an all-time high Friday.
Of the 117 companies in the S&P 500 that have reported earnings to date, 84% posted numbers that beat expectations. S&P 500 companies are expected to grow profit by about 35% in the third quarter.
Prices for 10-year Treasurys lost ground, driving yields back up to Friday's 1.64%. Treasury prices and yields move in opposite directions.
Oil prices hiked 31 cents to $83.45 U.S. a barrel.
Gold prices hurtled higher $11.80 to $1,809.10 U.S. an ounce.


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