(MENAFN- Baystreet) TSX at one-month High
Stocks Start Day on Right Foot
Futures Fade as Miners Weigh
Stocks End Negative
Stocks Hammered by Shopify Weakness Previous Articles Subscribe to Get Small Cap News & Alerts Glenn Wilkins - Thursday, May 9, 2024
Strong Gains for TSX Home Depot, Caterpillar in Focus Equities in Canada adopted the same path as their American brethren, powering ahead Thursday, mostly on the strength of resource stocks.
The TSX Composite spiked 116.67 points to conclude Thursday at 22,375.83.
The Canadian dollar jumped 0.28 cents at 73.12 cents U.S.
Gold led the parade of winners, as B2Gold collected 21 cents, or 5.9%, to $3.80, while Kinross Gold jumped 56 cents, or 5.7%, to $10.31.
In materials, Fortuna Silver Mines heightened 49 cents, or 7.4%, to $7.09, while Pan American Silver progressed $2.62, or 10.2%, to $28.22.
Energy stocks were also stars, as Parex Resources rocketed 93 cents, or 3.9%, to $24.60, while Athabasca Oil gained 16 cents, or 3.3%, to $4.99.
Tech stocks were not so prosperous, as Converge Technology lost 66 cents, or 11.5%, to $5.07, while Coveo Solutions wilted 36 cents, or 4.3%, to $8.04.
In consumer discretionary stocks, Pet Valu Holdings dipped $1.88, or 6.1%, to $28.90, while Aritzia gave back 98 cents, or 2.7%, to $35.30.
In consumer staples, Jamieson Wellness weakened 30 cents, or 1.2%, to $25.70, while George Weston dipped $1.52 to $188.98.
ON BAYSTREET
The TSX Venture Exchange grabbed 5.93 points, or 1%, to 595.95.
All but three of the 12 TSX subgroups were positive on the session, with materials and gold each up 2.1%, gold better by 1.7%, and energy up 0.8%.
The three laggards proved to be information technology, down 0.8%, while consumer discretionary and consumer staples each lost 0.3%.
ON WALLSTREET
Stocks rose Thursday, putting the Dow Jones Industrial Average on track for another winning day, as new data rekindled hope for Federal Reserve rate cuts later this year.
The blue-chip index hurtled 331.37 points to 39,387,76, putting the 30-stock index on track for its seventh consecutive positive day for its longest winning streak of 2024.
The S&P 500 regained 26.41 points to 5,214,08.
The NASDAQ rocketed 43.51 points to 16,346.26.
Home Depot and Caterpillar led the Dow higher as the stocks gained more than 2% each.
Weekly jobless claims data released Thursday came in at the highest level since August, raising expectations that central bankers might cut interest rates at some point this year.
Earlier, a fresh batch of quarterly earnings reports came out below Wall Street's expectations, briefly dampening sentiment. Warner Bros Discovery added 1.8% after reporting a miss on the top and bottom lines, while semiconductor company Arm lost more than 6% over lackluster revenue guidance. Airbnb lost more than 1.5% after a weak guidance overshadowed a first-quarter beat.
Prices for the 10-year Treasury inched up, lowering yields to 4.46% from Wednesday's 4.5%. Treasury prices and yields move in opposite directions.
Oil prices grew 64 cents to $79.63 U.S. a barrel.
Gold prices hiked $27.50 to $2,340.50.
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