TSX Hangs Onto Gains| MENAFN.COM

Friday, 12 August 2022 11:54 GMT

TSX Hangs Onto Gains


(MENAFN- Baystreet.ca) TSX Hangs Onto Gains
Gold Shines Brightest








Equities in Canada's largest centre managed to hang onto the gains they'd created throughout Thursday, mostly credited to the gold and other resource sectors, and where industrial whiz Bombardier flexed its muscles, too.
The TSX retained 31.1 points by the end of Thursday's session at 19,577.04.
The Canadian dollar fell 0.03 cents to 77.76 cents U.S.
Gold showed the way Thursday, with New Gold sprinting seven cents, or 7.1%, to $1.05, while Oceanagold acquired 18 cents, or 8.2%, to $2.37.
In other resource stocks, First Majestic Silver picked up 92 cents, or 9.7%, to $10.40, while K92 Mining jumped 49 cents, or 4.6%, to $11.14.
Among industrial stocks, Bombardier posted a smaller second-quarter loss, helped by steady demand and lower interest expenses.
Bombardier closed the day up $2.40, or 10.3%, to $25.83.
Energy stocks took a pummeling, though, the worst sustained by Parex Resources, down $1.92, or 8.3%, to $21.15, while Cenovus Energy slid $1.71, or 7.6%, to $20.69.
Tech issues took some bruising as well, with Lightspeed Commerce ducking $3.80, or 12.1%, to $27.64, and Nuvei Corporation docking $2.12 or 4.2%, to $47.95.
In financial, Canaccord Financial lost 15 cents, or 1.5%, to $9.95, while Toronto-Dominion tumbled a dollar, or 1.2%, to $82.93.
On the economic slate, Statistics Canada reports this country's merchandise exports increased 2% in June, mostly on crude oil and gold exports.
Meanwhile, imports rose 1.7%, mainly on energy products. As a result, Canada's merchandise trade surplus with the world widened from $4.8 billion in May to $5 billion in June.
Elsewhere, building permits declined 1.5% in June to $11.9 billion, mainly due to the non-residential sector, which dropped 10.4% to $3.7 billion, after posting its second highest monthly value.
ON BAYSTREET
The TSX Venture Exchange edged higher 4.88 points to 660.08.
Eight of the 12 TSX subgroups were higher by the close, with gold popping 3.5%, and materials better 2.9%, while industrials climbed 1.6%.
The four laggards were weighed most by energy, tumbling 4.4%, information technology, sliding 0.3%, and financials, down 0.1%.
ON WALLSTREET
The Dow Jones Industrials ticked down Thursday as traders awaited Friday's July jobs report, which will give the latest snapshot on the labor market and the health of the economy.
The 30-stock index took a step backward from Wednesday's monster gains, losing 85.68 points to end the penultimate session at 32,726.82
The S&P 500 dipped 3.23 points to 4,151.94.
The NASDAQ Composite gathered 52.42 points to 12,720.58.
A slight uptick in weekly jobless claims, reported Thursday morning, weighed on investors watching for signs that labor market strength is dwindling. The July jobs report, scheduled to be released Friday, will show how employers hired last month.
Economists estimate that the economy added about 250,000 jobs in July, down from 372,000 in June. The jobless rate is forecast to remain 3.6%
Oil prices fell on global recession worries and dragged the energy sector down. The sector was the biggest laggard in the S&P 500, shedding 3.6% on the day in its worst performance in a month. Exxon Mobil and Chevron where the biggest losers in the sector.
Earnings season continued, with a slew of reports Thursday. Eli Lilly shares fell after the company missed Wall Street's estimates for its quarterly results and cut its full-year forecast. Shares of Datadog and Lucid also fell after both companies cut future outlooks.
Investors will get another batch of earnings on Thursday. Virgin Galactic, AMC Entertainment and Beyond Meat are scheduled to report after the bell.
Treasury prices gained ground Thursday, lowering yields to 2.67%, from Wednesday's 2.71%. Treasury prices and yields move in opposite directions.
Oil prices doffed $2.29 to $88.37 U.S. a barrel.
Gold prices powered ahead $33.70 to $1,810.10 U.S. an ounce.










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