(MENAFN- Baystreet) Stocks Continue to Improve
Big Gains for TSX at Open
Futures On the Upside
Stocks Sail Wednesday
TSX Recovers Previous Articles Subscribe to Get Small Cap News & Alerts Glenn Wilkins - Thursday, February 15, 2024
TSX Enjoys Another Stellar Day Seabridge, MTY in Forefront
Whatever ailed markets in Canada earlier this week was shaken off by the end of Thursday's session, as resource stocks powered much of a strong rally.
The TSX Composite was catapulted 333.29 points, or 1.6%, to greet the closing bell Thursday at 21,222.69.
The Canadian dollar moved ahead 0.4 cents at 74.25 cents U.S.
Energy stocks proved the stars of the show Thursday, with Birchcliff Energy popping 36 cents, or 7.5%, to $5.18, while Cenovus Energy captured $1.54, or 7%, to $23.51.
Gold shares also took in the sunshine, especially Seabridge Gold, leaping $2.36, or 18.5%, to $8.40, while Equinox Gold grabbed 24 cents, or 4%, to $6.21.
In materials, Dundee Precious Metals took on 42 cents, or 5.3%, to $8.40, while SSR Mining improved 46 cents, or 7.6%, to $6.48.
Consumer stocks paled, however, as MTY Food Group shed $8.36, or 14.3%, to close at $49.98, while Aritzia dipped $1.25, or 3.3%, to $36.67.
On the economic front, January housing starts totaled 223,600, compared to 249,000 in the prior-year month, the Canadian Real Estate Association said MLS sales rose 3.7% between December 2023 and January 2024, building on the 7.9% month-over-month increase recorded the month prior.
StatsCan said manufacturing sales fell 0.7% in December, mainly on lower sales of motor vehicles and chemical products.
ON BAYSTREET
The TSX Venture Exchange gained 4.26 points to 552.49.
All but one of the 12 subgroups roared ahead, with energy jumping 4.2%, while gold and materials each hiked 2.4%.
Only consumer discretionary stocks missed the party, losing 0.1%.
ON WALLSTREET
Stocks climbed for a second day Thursday, helped by lower Treasury yields, as Wall Street clawed back the steep losses suffered earlier in the week.
The Dow Jones Industrials leaped 348.85 points to close Thursday at 38,773.12
The much-broader index took on 29.11 points to 5,029.73.
The NASDAQ index came out of the shadows and gained 47.03 points to 15,906.17.
Tesla gained 5% and Meta Platforms hiked 3%. Shares of Wells Fargo rose 7% after the Office of the Comptroller of the Currency ended a key penalty for the bank.
Earnings season continued to paint a muddled picture of corporate America. Tripadvisor jumped 11% after beating estimates on the top and bottom lines.
On the other hand, Cisco shares were down 2% after the tech company announced layoffs and weak forward sales projections. Deere stock dropped 6% after the agricultural machinery manufacturer lowered guidance for its full-year net income.
Investors received another update about the state of the U.S. economy on Thursday, with January retail sales plunging 0.8%, much more than the 0.3% decline economists polled by Dow Jones had expected. This raised some concern about the strength of the U.S. consumer under the weight of sticky inflation and high interest rates, and sent Treasury yields down.
Prices for the 10-year Treasury surged, lowering yields to 4.24% from Wednesday's 4.27%. Treasury prices and yields move in opposite directions.
Oil prices climbed $1.52 to $78.16 U.S. a barrel.
Gold prices vaulted $11.80 to $2,016.10.
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