TSX Remains Positive| MENAFN.COM

Saturday, 03 December 2022 07:15 GMT

TSX Remains Positive


(MENAFN- Baystreet.ca) TSX Remains Positive
Converge Stars Among Tech Stocks








Equities in Canada's largest centre rose on Wednesday, lifted by technology and health-care shares, while investors kept a close watch on the U.S. Federal Reserve's policy meeting minutes.
The TSX Composite picked up 52.2 points, nearing noon on Wednesday to 20,272.21.
The Canadian dollar ditched 0.09 cents to 74.74 cents U.S.
The information technology sector rose 0.9%, supported by a jump of 89 cents, or 22.3%, in shares of Converge Technology Solutions to $4.88, after it commenced a strategic review process including evaluations on possibilities of a sale, merger or divesture.
Elsewhere, Haivision Systems improved seven cents, or 3.2%, to $2.29.
Among health-care plays, Tilray added 12 cents, or 2.5%, to $5.01, while Cronos Group advanced five cents, or 1.2%, to $4.11.
Energy stocks, however, were feeling around for the bruises, as Vermilion Energy lost 55 cents, or 2.1%, to $25.59, while Headwater Exploration doffed 12 cents, or 1.9%, to $6.24.
ON BAYSTREET
The TSX Venture Exchange hesitated 0.04 points to 576.34.
Eight of the 12 TSX subgroups were higher midday, with information technology up 1.7%, health-care jumping 1.5%, and utilities ahead 0.7%.
The four laggards were weighed most by energy and gold, each down 0.7%, and materials, off 0.6%.
ON WALLSTREET
U.S. stocks rose Wednesday, as investors looked ahead to Federal Reserve meeting minutes for clues into the pace of future interest rate hikes.
The Dow Jones Industrials gained 74.94 points to pause for lunch Wednesday at 34,173.04
The S&P 500 obtained 19.83 points to 4,023.41.
The NASDAQ jumped 104.75 points to 11,279.16.
Shares of Nordstrom fell more than 5% after the department store chain reaffirmed its forecast. However, Nordstrom beat profit and sales expectations in its latest results, according to consensus expectations on Refinitiv. Tesla rose more than 6% after Citi upgraded shares to neutral from sell. Deere surged nearly 7% on an earnings beat.
Jobless claims data came in higher than expected at 240,000 for the week ending Nov. 19 where economists expected 225,000, signaling that the labour market may be weakening. At the same time, however, durable goods orders for October were stronger than anticipated, coming in at 1%, more than the 0.5% expected.
Investors are awaiting the latest Fed meeting minutes, due Wednesday afternoon, for insight into the central bank's approach on monetary policy ahead of the December meeting.
Earlier in November, the central bank approved a fourth consecutive 0.75-percentage-point hike that brought rates to their highest level since 2008. Economists are forecasting a half percentage point increase in December, and smaller rate hikes next year.
Markets will be closed on Thursday for the Thanksgiving holiday and will close early on Friday.
Prices for the 10-year Treasury gained ground, lowering yields to 3.72% from Tuesday's 3.76%. Treasury prices and yields move in opposite directions.
Oil prices sank $3.03 to $77.92 U.S. a barrel.
Gold prices forged ahead $2.10 to $1,742.00 U.S. an ounce.










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