Equities Run Streak to 2| MENAFN.COM

Sunday, 25 September 2022 06:13 GMT

Equities Run Streak to 2

(MENAFN- Baystreet.ca) Equities Run Streak to 2
Crescent Point, Organigram in Focus

It's only a two-day streak, but stocks in Canada's largest market built solidly on Monday's gains Tuesday, helped mostly by strength in energy and health-care issues.
The S&P/TSX Composite surged 301.55 points, or 1.5%, to 21,162.65
The Canadian dollar gained 0.74 cents at 79.10 cents U.S.
Among energy plays, Crescent Point Energy was clearly the champ, gathering 56 cents, or 9.1%, to $6.70, while Enerplus gained 85 cents, or 6.7%, to $13.50.
In health-care, Organigram Holdings claimed 17 cents, or 7.2%, to $2.54, while Aurora Cannabis grabbed 46 cents, or 6%, to $8.07.
In the tech sector, Dye & Durham vaulted $4.55, or 10.8%, to $46.80, while Hut 8 Mining picked up $1.04, or 8.9%, to $12.72.
Gold put a damper on things, with Kinross Gold down seven cents to $7.51, while Centerra Gold lost four cents to $9.08.
Communications slid, with Quebecor off 32 cents, or 1.1%, to $28.68, while Cogeco Communications dipped 51 cents to $99.16.
On the economic calendar, Statistics Canada reported that Canada's merchandise exports were up 6.4% in October, while imports rose 5.3%. Canada's merchandise trade surplus widened from $1.4 billion in September to $2.1 billion in October, the largest surplus so far in 2021.
Also this morning Western University's IVEY School of Business said its purchasing managers index jumped to 61.2 in November, up from 59.3 in October, and much higher than the 52.7 figure posted in November 2020.
The TSX Venture Exchange jumped 22.85 points, or 2.6%, to 920.55.
All but two of the 12 TSX subgroups were positive on the day, with energy improving 2.9%, health-care ballooning 2.8%, and information technology better by 2.7%.
Gold lost 0.9%, while communications stocks settled back 0.01%.
Stocks jumped for a second day, continuing their rebound from a recent rough patch, as investors grew less fearful of the potential economic impact from the new omicron coronavirus variant.
The Dow Jones Industrials roared higher 492.40 points, or 1.4%, to close at 35,719.43
The S&P 500 index jumped 95.08 points, or 2.1%, to 4,686.75.
The NASDAQ spiked 461.76 points, or 3%, at 15,686.92.
Tech stocks were in relief rally mode as investors shook off COVID fears and bought the recent dip, pulling the NASDAQ higher. Okta rose 5.7%, while Crowdstrike added 4.9%. Adobe gained 4.4%.
Chipmakers were big winners too, with Intel leaping 3.1% following news that it's planning to take its self-driving car unit, Mobileye, public in mid-2022. Marvell gained more than 7%, and Nvidia climbed 7.9%. Micron added 4.1%.
Apple shares rose 3.5% as well after a call from Morgan Stanley, which maintained its overweight rating on the stock but heightened its price target on it to $200, citing the company's commitment to developing augmented and virtual reality technology.
Other mega-cap tech stocks got a lift too, with Microsoft and Amazon up more than 2%. Meta Platforms added 1.5%.
Investors were betting that the new COVID-19 strain may cause milder illness than feared. White House Chief Medical Advisor Dr. Anthony Fauci said Sunday that the initial data on the variant is“encouraging,” though he cautioned that more information was needed to fully understand it.
Prices for 10-year Treasurys fell slightly, raising yields to 1.48% from Monday's 1.44%. Treasury prices and yields move in opposite directions.
Oil prices muscled higher $2.21 to $71.70 U.S. a barrel.
Gold prices gained $5.50 to $1,785.00 U.S. an ounce.


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