Friday 21 March 2025 06:56 GMT

Equities Dip Into Red By Noon


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  • Stocks Start Day on Right Foot Previous Articles Subscribe to Get Small Cap News & Alerts Glenn Wilkins - Friday, May 10, 2024

    Equities Dip into Red by Noon IAMGOLD, Sienna in Focus
    Canada's main stock index hit a record high on Friday, before fading a bit around noon hour, even as the index was poised to end the week higher on renewed interest rate cut optimism.
    The TSX Composite Index faded 7.24 points to 22,368.59.
    The Canadian dollar added 0.06 cents at 73.17 cents U.S.
    Materials shares gained 0.9%, pulled up by miners like IAMGOLD Corp that rose 33 cents, or 6.3%, to $5.60, as gold prices traded at over two-week highs.
    Health-care shares rose, pulled up by a rise of 77 cents, or 5.5%, to $14.91, in seniors' living provider Sienna Senior Living following its first-quarter results.
    Enbridge gained 62 cents, or 1.2%, to $51.76, after it beat market estimates for first-quarter profit. Life insurer Sun Life Financial fell $3.56, or 4.9%, to $69.87, after it missed core profit estimates for the first time in 12 quarters.
    On the economic calendar, Statistics Canada says the economy created 90,000 jobs in April, and the unemployment rate was unchanged at 6.1%.
    ON BAYSTREET
    The TSX Venture Exchange stepped back 0.34 points to 595.61.
    All but three of the 12 TSX subgroups were positive midday, with consumer staples up 0.9%, health-care hiked 0.8% and consumer discretionary better 0.4%.
    The three laggards proved to be information technology, down 0.9%, energy, subsiding 0.7%, and real-estate, dipping 0.3%.
    ON WALLSTREET
    The Dow Jones Industrial Average rose on Friday, putting the 30-stock index on track for yet another winning session.
    The blue-chip index stayed positive 69.84 points to 39,457.60, putting the 30-stock index on track for its eighth consecutive positive day for its longest winning streak of 2024.
    The S&P 500 hung onto gains of 2.6 points to 5,216.68.
    The NASDAQ turned lower 23.04 points to 16,323.23.
    3M was the Dow's best performer, as shares of the manufacturer rose about 1.1% on the back of an upgrade from HSBC.
    Consumer sentiment data released Friday morning reflected a big uptick in inflation expectations, throwing some cold water on the market.
    The preliminary May reading for the University of Michigan's consumer sentiment index came in at 67.4, far below a Dow Jones estimate of 76 and marking its lowest reading in about six months.
    The Dow enters Friday riding a seven-day winning streak, its longest since a nine-day run seen in December. The S&P 500 also advanced Thursday, closing above 5,200 for the first time since early April.
    Stocks are on pace for a winning week. The Dow has gained 2.2%. The S&P 500 gained 1.9%, and the NASDAQ was higher by 1.3%.
    Prices for the 10-year Treasury sagged, raising yields to 4.50% from Thursday's 4.46%. Treasury prices and yields move in opposite
    directions.
    Oil prices skidded 35 cents to $78.91 U.S. a barrel.
    Gold prices hiked $31.00 to $2,371.30.




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