TSX Opens Higher On Energy, Mines Boost

(MENAFN- Baystreet) Toronto Stocks Rebound with Gold, Materials

  • Futures Gain Momentum
  • TSX Finishes on Minus Side Tuesday
  • Miners Drag TSX at Open
  • Lower Open Foreseen for TSX Previous Articles Subscribe to Get Small Cap News & Alerts Glenn Wilkins - Wednesday, April 17, 2024

    TSX Opens Higher on Energy, Mines Boost Hunt, United Grab Spotlight Canada's main stock index opened higher on Wednesday, pulled up by materials and tech stocks tracking higher prices of precious metals, while investors awaited fresh cues on the timing of interest rate cuts by central banks.
    The TSX Composite charged 155.85 points to begin Wednesday at 21,798.72.
    The Canadian dollar dipped 0.17 cents at 72.36 cents U.S.
    Aecon Group was due out with its first-quarter earnings after the markets close, likewise Alamos Gold.
    Aecon shares advanced 11 cents to $16.68, while those for Alamos captured 37 cents, or 1.8%, to $20.95.
    On the economic slate, Statistics Canada reported Canadian investors acquired $24.2 billion of foreign securities in February, led by an all-time high investment in foreign bonds. Meanwhile, foreign investors reduced their exposure to Canadian securities by $8.8 billion, led by a record divestment in government short-term debt securities.
    The TSX Venture Exchange restored 1.75 points to 574.32.
    All but three of the 12 TSX subgroups had turned positive by Wednesday's opening bell, with materials and gold each climbing 1.6%, and energy better 1%.
    The laggards were industrials, sliding 0.7%, while health-care docked 0.04%, and real-estate lost 0.03%.
    The S&P 500 edged higher on Wednesday, on pace to snap a losing streak as the corporate earnings season ramped up.
    The Dow Jones Industrials gained 73.5 points to 37,872.47,
    The much-broader index recovered 8.19 points to 5,059.60.
    The NASDAQ sank 0.9 points to 15,864.35.
    Material and utilities were the best-performing S&P 500 sectors on Wednesday, gaining around 1% each. Real estate and information technology names restricted gains, as each sector slipped about 0.3%.
    United Airlines climbed more than 8% after posting a narrower-than-expected loss and beating on revenue. J.B. Hunt Transport Services fell more than 7% after missing analysts' expectations on the top and bottom lines.
    The new earnings season is off to a promising start. While less than 10% of S&P 500-listed companies have reported financials so far, more than three out of every four have surpassed Wall Street expectations.
    Those moves come after the Dow was able to break a six-day losing streak.
    Prices for the 10-year Treasury gained ground, dropping yields to 4.63% from Tuesday's 4.66%. Treasury prices and yields move in opposite directions.
    Oil prices let go of 73 cents to $84.63 U.S. a barrel.
    Gold prices lost $4.10, to $2,403.70 U.S. an ounce.

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