TSX Finds Way Into Green

(MENAFN- Baystreet) TSX Enjoys Gains at Open

  • Futures Eke Higher Thursday
  • Another Day of Losses for TSX
  • TSX in Minus Country
  • Stocks Falter at Open Previous Articles Subscribe to Get Small Cap News & Alerts Glenn Wilkins - Thursday, February 29, 2024

    TSX Finds Way into Green EQB Slumps Canada's main stock index climbed on Thursday, pulled up by commodity-linked stocks, as investors cheered inflation numbers from the United States that revived hopes of a rate cut by the Federal Reserve.
    The TSX Composite recovered 88.42 points at 21,332.19.
    The Canadian dollar regained 0.05 cents to 73.70 cents U.S.
    Lithium stocks also added to the sector after lithium carbonate prices rose in China. Miner Lithium Americas Corp rose 78 cents, or 12.1% to the top of the TSX at $7.23.
    Energy shares were pulled by the upbeat results of Canadian Natural Resources. The company's shares advanced $4.23, or 4.7%, to $94.14, after its fourth-quarter profit beat estimates.
    Heavyweight financial stocks gained 0.2% after upbeat results from Canadian Imperial Bank of Commerce and TD Bank Group, although gains were capped by a decline of $8.90, or 9.4%, to $85.98, in EQB after the lender reported its quarterly results.
    CIBC shares added $1.02, or 1.6%, to $63.85, while TD acquired a dime per share to $80.71.
    On the economic slate, Statistics Canada reported real gross domestic product was essentially unchanged in December, following two months of growth, despite 14 of 20 sectors increasing in the month.
    The TSX Venture Exchange recovered 5.97 points, or 1.1%, to 560.56.
    Eight of the 12 subgroups were in plus column, with gold higher 2.4%, materials and energy up 1%.
    The three laggards were consumer discretionary stocks, sliding 0.3%, industrials and consumer staples down 0.2%.
    The Dow Jones Industrial Average declined on Thursday, February's final trading session, but the major averages were headed toward a winning month. Investors also digested a key inflation metric that met economist expectations along with fresh U.S. housing numbers.
    The 30-stock index were down 74.23 points Thursday at 38,874.79
    The S&P 500 surged 7.52 points to 5,077.28.
    The NASDAQ index recovered 60.24 points to 16,007.97.
    Data showed the Federal Reserve's preferred measure of inflation was stubbornly above the central bank's target in January, but at least didn't exceed Wall Street forecasts. There were also signs that consumer spending remains robust.
    The core personal consumption expenditures price index, the Federal Reserve's preferred inflation gauge, increased by increased 0.4% for the month and 2.8% from a year ago. That matches Dow Jones estimates. Headline PCE, which includes food and energy categories, increased 0.3% monthly and 2.4% on a 12-month basis, compared to respective estimates for 0.3% and 2.4%.
    Snowflake shed 19% after announcing the retirement of its CEO and sharing disappointing product revenue guidance. Meanwhile, Okta popped nearly 23% on strong results.
    Prices for the 10-year Treasury inched forward, lowering yields to 4.23% from Wednesday's 4.26%. Treasury prices and yields move in opposite directions.
    Oil prices regrouped 42 cents to $78.96 U.S. a barrel.
    Gold prices surged $10.80 to $2,053.70.

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