(MENAFN- Baystreet) Index Climbs on Mining Strength
Futures Point North
TSX Fades Tuesday
Stocks in Green by Noon
TSX Ekes Higher on Support from Miners Previous Articles Subscribe to Get Small Cap News & Alerts Glenn Wilkins - Wednesday, March 27, 2024
Gold Miners Lift TSX at Open Cintas, Merck on Investors' Radar Screen The TSX Composite gained 52,35 points to open Wednesday at 21,964.87.
The Canadian dollar edged 0.01 cents to 73.64 cents U.S.
BMO upgraded its rating on Lundin Mining to "outperform" from "market perform", while TD Securities lifted its recommendation on Vermilion Energy to "buy" from "hold".
Lundin shares gathered 39 cents, or 2.9%, to $13.52, while Vermilion shares moved up 42 cents, or 2.6%, to $16.48.
Canacol Energy said it would discontinue dividend payout as the oil producer focuses on addressing concerns regarding debt obligations and liquidity. Canacol shares inched up four cents to $4.55.
ON BAYSTREET
The TSX Venture Exchange added 2.61 points to 551.08.
All but two of the 12 TSX subgroups were higher, gold better by 1.9%, materials, ahead 1.4%, and communications, better by 0.8%.
The two laggards were information technology, down 0.5%, and energy, sliding 0.3%.
ON WALLSTREET
Stocks rose Wednesday following a losing session on Wall Street that pulled the indexes further from record levels.
The Dow Jones Industrials recovered in a big way, gaining 262.23 points to 39,544.56.
The S&P 500 index returned to the plus level 17.17 points to 5,220.75.
The NASDAQ poked 0.82 points to 16,316.32.
The two best-performing stocks in the S&P 500 include Cintas, up 8% on the back of better-than-expected earnings. Shares of Merck were up nearly 5% - hitting a new all-time high - after the Food and Drug Administration passed approval for Winrevair, the company's life threatening lung condition treatment, for use among patients with pulmonary arterial hypertension.
As of Tuesday's close, the S&P 500 has added 2.1% in the month and 9.1% in the quarter. The NASDAQ has climbed 1.4% in March and 8.7% over the three-month period, while the Dow has added 0.7% and 4.2% in the respective periods.
Later in the week, investors will watch for data on jobless claims, gross domestic product and consumer sentiment on Thursday. While the market is closed on Good Friday, attention will be on releases tied to personal income, consumer spending and the personal consumption expenditures expected in the morning.
Prices for the 10-year Treasury nicked up, lowering yields to 4.22% from Tuesday's 4.23%. Treasury prices and yields move in opposite directions.
Oil prices dipped 25 cents to $81.37 U.S. a barrel.
Gold prices picked up $12.60 to $2,211.80 U.S. an ounce.
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