TSX Finishes With Respectable Gains| MENAFN.COM

Thursday, 08 December 2022 03:11 GMT

TSX Finishes With Respectable Gains


(MENAFN- Baystreet.ca) TSX Finishes with Respectable Gains
Allied units, Quarterhill in Forefront








Equities in Canada's largest centre hit highs dating back over five months on Thursday, supported by technology, materials and financial stocks as well as optimism that the U.S. Federal Reserve would flatten its monetary tightening trajectory.
The TSX Composite gained 61.81 points to conclude Thursday at 20,344.07.
The Canadian dollar nosed up 0.08 cents to 74.97 cents U.S.
Materials proved the biggest gainers, with Lithium Americas jumping 63 cents, or 1.8%, to $35.93.
Real-estate fared well, as units of Allied Properties REIT soared 77 cents, or 3%, to $26.91, while Northwest Health-Care Properties REIT advanced 23 cents, or 2.3%, to $10.42.
In techs, Sylogist took on 39 cents, or 8.1%, to $5.20, while Quarterhill picked up five cents, or 3.2%, to $1.63.
Consumer staples stepped back, however, as Metro lost 65 cents to $77.10, while George Weston dipped 73 cents to $165.17.
In utilities, Fortis retreated 46 cents to $53.37, while Algonquin Power and Utilities fell three cents to $10.22.
Even as U.S. markets were shut for the Thanksgiving holiday, investors took comfort from minutes of the Fed's November policy meeting that noted it was more important to focus on how high rates will need to rise to tame inflation than the size of coming rate increases.
Bank of Canada Governor Tiff Macklem also noted that domestic inflation remained strong, and higher interest rates were the medicine to soothe the economy.
Analysts are pricing in an 88% chance of a 25-basis-point hike at the BoC's next meeting on Dec. 7. Such a move would take the policy rate to 4%, a level last seen in January 2008.
On the economic calendar, Statistics Canada says the number of employees receiving pay or benefits from their employer—referred to as 'payroll employees' in the Survey of Employment, Payrolls and Hours—rose by 85,300 (+0.5%) in September.
Oil prices sank two cents to $77.96 U.S. a barrel.
Gold prices soared $9.50 to $1,755.10 U.S. an ounce.
ON BAYSTREET
The TSX Venture Exchange grabbed 4.57 points to end Thursday's session at 581.32.
All but two of the 12 subgroups were higher Thursday, with materials ahead 0.8%, real-estate up 0.7%, and information technology stocks better by 0.6%.
The two laggards were consumer staples and utilities, each sliding 0.1%.
ON WALLSTREET
U.S. markets were closed for Thanksgiving Day











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