TSX Catches Rally Fever


(MENAFN- Baystreet) Equities Enjoy Triple-Digit Rise

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  • Stocks Drag Their Heels Previous Articles Subscribe to Get Small Cap News & Alerts Glenn Wilkins - Thursday, February 22, 2024

    TSX Catches Rally Fever Bausch, Celestica Among Big Winners Stocks in Canada were swept up in the rally enthusiasm Thursday, amid word that markets were due for a breakout once the Bank of Canada got around to cutting interest rates.
    The TSX Composite sprang up 145.7 points to finish Thursday at 21,318.08.
    The Canadian dollar gained 0.07 cents to 74.17 cents U.S.
    The big winners were in health-care, led by Bausch Health Companies, ahead 85 cents, or 2.2%, to $12.53, while Sienna Senior Living picked up 29 cents, or 2.3%, to $12.89.
    In consumer staples, Loblaw surged $4.83, or 3.5%, to $142.94, while Jamieson Wellness added 95 cents, or 3%, to $32.36.
    In techs, Celestica jumped $6.03, or 12%, to $56.25, while Computer Modeling Group added 74 cents, or 8%, to $9.97.
    Gold put a damper on things, though, as Oceanagold slid 19 cents, or 6.8%, to $2.59, while Equinox collapsed 61 cents, or 9.9%, to $5.58.
    In communications, Quebecor was roughed up 95 cents, or 3%, to $30.57, while BCE lost 45 cents to $50.75.
    Utilities took their bruises, too, as Brookfield Infrastructure Partners lost $1.42, or 3.3%, to $41.56, while Algonquin Power & Utilities handed over four cents to $7.91.
    On the economic calendar Thursday, Statistics Canada reported retail sales increased 0.9% to $67.3 billion in December. Sales were up in five of nine subsectors and were led by increases at motor vehicle and parts dealers.
    ON BAYSTREET
    The TSX Venture Exchange moved ahead 3.23 points to 553.25.
    All but three of the 12 subgroups were higher by the closing bell, with information technology stocks climbing 2.4%, consumer staples surging 1.9%, and information technology clicking 1.4% higher.
    The three laggards were gold, down 3%, while communications ditched 0.6%, and utilities were off 0.2%.
    ON WALLSTREET
    The S&P 500 surged to new highs on Thursday after chip giant Nvidia reported much stronger-than-expected quarterly results, lifting the broader market and tech sector.
    The Dow Jones Industrials popped 456.87 points, or 1.2%, to 39.069.11, to surpass 39,000 for the first time ever and close at a new high.
    The much-broader Index jumped 105.23 points, or 2.1%, to 5,087.03.
    The NASDAQ index soared 460.75 points, or 3%, to 16,041.62, for its best day since February 2023,
    Those increases helped the major averages snap a three-day losing streak.
    Shares of Nvidia popped 16.4% to an all-time high after the chip company said total revenue rose a whopping 265% from a year ago - driven by its booming artificial intelligence business. Nvidia, which has become one of the largest U.S. companies by market capitalization, also forecast another stellar revenue gain for the current quarter, even against elevated expectations for massive growth.
    Other tech names were also higher. Facebook parent Meta gained 3.8% and Amazon progressed 3.5%. Microsoft and Netflix each advanced more than 2%.
    Prices for the 10-year Treasury fell, raising yields to 4.33% from Wednesday's 4.32%. Treasury prices and yields move in opposite directions.
    Oil prices gained 51 cents to $78.42 U.S. a barrel.
    Gold prices dipped 20 cents to $2,034.10.




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