TSX Opens Higher

(MENAFN- Baystreet) TSX Jumps on Upbeat Results

  • Gains in Store for TSX
  • Indices Go Nowhere but Up
  • TSX Stronger Mid-Day
  • TSX Gathers Slight Strength Previous Articles Subscribe to Get Small Cap News & Alerts Glenn Wilkins - Thursday, May 16, 2024

    TSX Opens Higher Canada Goose Leads Canada's main stock index opened higher on Thursday, as markets cheered on renewed rate cut bets after Wednesday's softer-than-expected U.S. inflation data, while shares of luxury apparel group Canada Goose rose after fourth-quarter revenue and profit beat.
    The TSX Composite Index climbed 22.8 points to begin Thursday at 22,307.56.
    The Canadian dollar fell 0.2 cents at 73.34 cents U.S.
    In corporate news, Canada Goose beat market expectations for quarterly revenue, backed by a strong recovery in demand for its pricey puffer jackets in China. Canada Goose opened up $2.70, or 17.4%, to $18.22.
    The TSX Venture Exchange subtracted 0.07 points to open at 601.80.
    All but three of the 12 TSX subgroups gained ground in the first hour, with health-care higher 0.6%, with information technology and consumer discretionary stocks each ahead 0.5%.
    The three laggards were gold, down 0.7%, materials, weaker 0.4%, and communications off 0.01%.
    Stocks were little changed Thursday, as the Dow Jones Industrial Average tried to reach a key milestone.
    The 30-stock index inched down 0.91 points to 39,907.09.
    Thursday's moves put the Dow less than 100 points from 40,000 - a level it has never reached. They come a day after a broad market surge that drove the S&P 500 above 5,300 for the first time.
    The S&P 500 eked higher 4.55 points, or 1.2%, to 5,312.70.
    The NASDAQ Composite gained 19.41 points to 16,761.80.
    Shares of Walmart were up more than 5% after the retailer reported better-than-expected quarterly results.
    That performance was helped by the April reading of the consumer price index, a broad measure of how much goods and services cost at the cash register, which increased 0.3% from the prior month. That was slightly below the Dow Jones estimate of 0.4%. Consumer prices still grew 3.4% from a year ago.
    Prices for the 10-year Treasury inched back, raising yields to 4.37% from Wednesday's 4.35%. Treasury prices and yields move in opposite directions.
    Oil prices gained $1.02 to $79.65 U.S. a barrel.
    Gold prices erased $14.20 to $2,380.70.

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