(MENAFN- Baystreet) TSX up Doggedly on Economic Cheer
Stocks Flat Heading into Easter Long Weekend
TSX Springs Back up
Index Climbs on Mining Strength
Gold Miners Lift TSX at Open Previous Articles Subscribe to Get Small Cap News & Alerts Glenn Wilkins - Thursday, March 28, 2024
TSX Grows to End Q1 Karora in Focus Canada's main index edged up on Thursday, as investors assessed data that showed the domestic economy grew faster than expected, while gains in mining stocks buoyed sentiment further.
The TSX Composite gained 82.74 points by noon hour Thursday at 22,189.82.
The Canadian dollar grew 0.27 to 73.87 cents U.S.
On the merger news front, Australian gold miner Ramelius Resources said it had ended discussions with Karora Resources for a potential acquisition of the Canada-based mine operator. Karora stock jumped 18 cents, or 3.7%, to $5.02.
MAG Silver added 56 cents, or 4.2%, to $13.96, after brokerage Scotiabank upgraded the miner to "sector outperform" from "sector perform".
On the economic board Thursday, Statistics Canada reports real gross domestic product rose 0.6% in January as both services-producing and goods-producing industries posted gains. As well, payroll numbers increased by 39,800 in January.
Markets in North America will be shuttered tomorrow for Good Friday.
ON BAYSTREET
The TSX Venture Exchange gained 4.26 points to 563.
All but three of the 12 TSX subgroups were higher, with materials stronger by 1.8%, while gold and health-care each galloped 1.6%.
The three laggards were consumer staples, down 0.4%, communications, losing 0.3%, and industrials, off 0.2%.
ON WALLSTREET
The S&P 500 was flat Thursday as it aimed to wrap up its best first-quarter performance in five years.
The Dow Jones Industrials edged higher 19.53 points to 39,779.61.
The much-broader index inched higher 2.53 points to 5,251.02.
The NASDAQ dived 19.48 points to 16,350.05.
For the quarter, the S&P 500 is up about 10%. It is on pace for its best first-quarter gain since 2019, when it rallied 13.1%. The 30-stock Dow, up 5.5% during the period, is tracking for its strongest first-quarter performance since 2021 when it advanced 7.4%. The NASDAQ is up 9.3% in the quarter thus far.
On a monthly basis, the S&P 500 is 3% higher. The NASDAQ and the Dow are both pacing for advances of more than 1.9%.
Driving the gains this quarter and month has been Nvidia, last year's market leader, as the artificial intelligence craze shows no signs of slowing. The stock is up 83% for the quarter and 15% in March alone.
Prices for the 10-year Treasury stayed put, keeping yields at Wednesday's 4.19%.
Oil prices chugged higher $1.30 to $82.65 U.S. a barrel.
Gold prices picked up $22.20 to $2,234.90 U.S. an ounce.
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